BSEC approves open-ended SAML Growth Fund

Bangladesh Securities and Exchange Commission (BSEC) has approved an open-ended mutual fund named SAML Growth Fund.

The approval came in a meeting of the commission held at the BSEC's office today.

Mutual funds pool money from investors to channel it into securities such as stocks, bonds, and other assets.

Depending on the profits earned, investors are then paid their share as dividends.

Open-ended mutual funds are not listed with the stock market but one can buy them from a fund managers' office on the basis of its net asset value.

Similarly, investors can sell off fund units at any time at prices based on its current net asset value.

The primary target of the fund is Tk 25 crore. Of the fund, Shahjalal Asset Management provided Tk 2.5 crore.

The face value of each unit is Tk 10.

Shahjalal Asset Management is the fund manager of the mutual fund while its trustee and custodian are Sandhani Life Insurance Company and Brac Bank respectively.