Press Release

JCR-VIS Revises Management Quality Rating of Faysal Asset Management Limited
 

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May 18, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the Management Quality rating of Faysal Asset Management Limited (FAML) from ‘AM2-’ (AM Two Minus) to ‘AM3+’ (AM Three Plus). Outlook on the assigned rating is ‘Stable’.

Under the ambit of asset management, the AMC is managing six collective investment schemes. Fixed income and money market schemes comprised 86% of assets under management at end-Dec’11. Consistency in performance of collective schemes under management has been lacking. Apart from relative ranking of Faysal Income and Growth Fund and Faysal Islamic Savings Growth Fund which is in the second quartile, relative ranking of three collective investment schemes in the peer group is in lower quartiles. Underperformance in relation to benchmark has also been noted in the case of Faysal Savings and Growth Fund, Faysal Asset Allocation Fund and Faysal Balanced Growth Fund.

There have been considerable changes in the management team of FAML. Changes have been witnessed in the position of CEO, Chief Operating Officer, equity and fixed income fund manager. New appointments on the management team are primarily from Faysal Bank Limited. The ability of the new management team to manage risks specific to collective investment schemes and diverse investment objectives remains to be tested. Some key positions are also vacant. Increased focus on research activities has been observed with the change in management, particularly primary research; for this reason, research team has been expanded and the research head is now a voting member on the Investment Committee.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 506) at 35311861-70 or fax to 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 2012 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