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.
President & CEO
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