Vanguard AML launching new open-ended mutual fund in Bangladesh

Vanguard Asset Management Limited or VAML is adding a new open-ended mutual fund named ‘Vanguard AML Growth Fund’ to its portfolio.

It signed a ‘Trust Deed’ on the fund with the Investment Corporation of Bangladesh or ICB in Dhaka on Monday, the VAML said in a statement.

VAML is the sponsor and asset manager of the ‘Vanguard AML Growth Fund’ while the ICB will act as the trustee and custodian of the fund.

Waqar Ahmad Choudhury, Managing Director and Chief Executive Officer of the VAML, and Kazi Sanaul Hoq, Managing Director of the ICB, signed the deed.

The initial target of the fund will be Tk 100 million and the sponsor will provide Tk 10 million, or 10 percent of the initial fund size, according to the statement.

As an open-end mutual fund, the size of the fund will be increased from time to time by the asset management company on requisition from the investors with due approval of the Trustee and notification to the Bangladesh Securities and Exchange Commission, the statement said.

Dipika Bhattacharjee, GM and Member Trustee Division, and Md Taleb Hossain, DGM, Trustee Division and Senior Executives of VAML were also present in the signing ceremony.

Vanguard AML Growth Fund is an open-ended fund to be launched with aim to long-term capital appreciation, money market return from a Portfolio of predominantly equity, equity related instruments and fixed income instruments and/or securities for increasing the value of unit-holders (investors) wealth, VAML said.