Press Release

JCR-VIS Reaffirms MQ Rating of Faysal Asset Management Limited at AM3+

Karachi, December 27, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Management Quality rating of Faysal Asset Management Limited (FAML) at ‘AM3+’ (AM-Three Plus). Outlook on the assigned rating is ‘Stable’.
With the launch of Faysal Financial Sector Opportunity Fund, number of funds under management has increased to seven. The company is also managing various advisory mandates. Having streamlined internal processes and strengthened the company’s infrastructure, the management now plans to diversify its product offering with the launch of Islamic equity & fixed income funds and also a pension fund, going forward.

Assets Under Management (AUMs) of FAML depicted growth of 15% during FY13; the pace of increase in AUMs has been higher during the ongoing year. The quantum of related party investments decreased considerably over the same period which implies higher market based growth in AUMs. In an effort to enhance investor base, sales team of the company has been reorganized with resources segregated into corporate and retail teams. The management is working towards leveraging synergic benefits with Faysal Bank Limited (FBL) in-terms of distribution arrangement; results of the same will be tracked over time.

Key management team of FAML exhibits prior equity market related experience. Performance of Faysal Money Market Fund and Faysal Savings Growth Fund compares favorably to peers; in case of other funds, barring the newly launched fund, there is room for improvement. Consistency in performance trends, in line with investment mandates of the funds under management, will continue to be tracked by JCR-VIS.

For further information on this rating announcement, please contact Ms. Sobia Maqbool, CFA at 021-35311861-70 (Ext. 604) or Mr. Maimoon Rasheed at 042-36610681-84 or fax to 021-35311873.

Jamal Abbas Zaidi
Deputy CEO

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 2013 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