Press Release

JCR-VIS assigns MQ rating of AM3+ to Faysal Asset Management Limited
 

Karachi, February 24, 2009: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned Management Quality rating of ‘AM3+’ (AM-3 Plus) to Faysal Asset Management Limited (FAML).

The management team of FAML has remained stable with additions in the areas of risk management and fund management departments. The AMC is currently managing three funds with total assets under management having reduced from Rs. 8.37b in January 2008 to Rs. 6.27b as at December 31, 2008. A decline was noted in the performance of the balanced fund, the returns of which were in the lowest quartile in its peer group for calendar year 2008. The other two funds saw minimal revaluation impact on account of nominal TFC holdings. The total number of account holders declined over this period.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 408) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 or fax to 5311872-3.


Faheem Ahmad
President & CEO

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Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. JCR-VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2009 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

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