Lahore, August 28, 2018 (PPI-OT): The rating recognizes the company’s ownership structure, Pak Oman Investment Company Limited having shareholding of ~97%.The acquisition and subsequent merger of Askari Investment Management Limited with Pak Oman Asset Management Company Limited has concluded in CY17.
The rating incorporates the company’s intention to utilize from the expertise of company’s sponsor and the newly merged entity. However, the AUMs witnessed decline after the merger due to redemption owing to merger uncertainties. Going forward, the company plans to enhance its product slate by prospective launch of funds in the asset allocation category to bring fresh influx of AUMs.
The rating reflects the company’s experienced and qualified management team, structured investment management framework and an adequate operating platform. The improved level of these parameters is primarily an outcome of merger with Askari Investment Management Limited.
The rating is dependent on executing the planned strategy and complete integration of the processes. Wherein, growth in AUMs and improvement in mobilization of funds from retail segment would bode well for the company. Meanwhile, the company is taking the necessary steps to refurbish its research department while sustaining the quality of its fund management function.
For more information, contact:
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com