Press Release

JCR-VIS re-affirms Management Quality Rating of Pak Oman Asset Management Company Limited at AM3
 

Karachi, May 26, 2011: JCR-VIS Credit Rating Company Limited (JCR-VIS) has re-affirmed the MQ rating of Pak-Oman Asset Management Company Limited (POAMCL) at ‘AM3’ (AM-Three). Outlook on the rating is ‘Stable’.

POAMCL has four funds under management, with cumulative assets under management (AUMs) of Rs. 1.8b at end April 2011. The decline in AUMs over the last two years has been arrested. There has been some growth in both AUMs and number of investors in recent months. The company’s sales strategy is focused on retail investors. Given the current industry dynamics, achieving aggressive growth targets may remain a challenging task for the foreseeable future.

The company has mostly shed off high risk assets from at least three of the four funds under management. While this has affected performance in the past, the management now has the flexibility to implement asset allocation strategies more actively. Performance of funds under management has also showcased improvement in recent periods relative to peer group, in three of the four funds under management. JCR-VIS will continue to track the consistency of performance of funds under management vis-a-vis their assigned benchmarks and respective peer groups.

POAMCL is planning to launch two new funds, including a Cash Fund and a Government Securities Fund in the near term horizon. The AMC has also ventured into the domain of investment advisory.

For further information on these rating announcements, please contact Ms. Sabeen Saleem, CFA (Ext: 510) or Ms. Sobia Maqbool, CFA (Ext: 506) at 021-35311861-70 or fax to 021-35311872-3.



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 2011 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited