Vanguard Asset Management Limited (VAML) is in the process of adding a new open-ended mutual fund named ‘Vanguard AML Growth Fund’ to its existing portfolio.
In this regard, a ‘Trust Deed’ signing ceremony was held at Investment Corporation of Bangladesh’s (ICB) head office on Monday, according to a statement.
VAML is the sponsor and asset manager of the ‘Vanguard AML Growth Fund’ while ICB will act as the trustee and custodian of the fund.
Waqar Ahmad Choudhury, Managing Director and Chief Executive Officer of the VAML and Kazi Sanaul Hoq, Managing Director of the ICB, conducted the signing ceremony.
According to the statement, the initial target of this fund will be Tk. 100 million and the sponsor will provide Tk. 100 million which is 10 per cent of initial fund size.
As an open-end mutual fund, the size of the Fund will be increased from time to time by the AMC on requisition from the investors with due approval of the Trustee and notification to the BSEC.
Dipika Bhattacharjee, GM & Member Trustee Division; Md. Taleb Hossain, DGM, Trustee Division and senior executives of VAML were also present in the ceremony.
Vanguard AML Growth Fund is an open-ended fund to be launched with aim to long-term capital appreciation, money market return from a portfolio of predominantly equity, equity related instruments and fixed income instruments and/or securities for increasing the value of unit-holders (investors) wealth.