BSEC okays draft prospectus of Blue-Wealth Fund
The primary target size of the fund is Tk25 crore
The Bangladesh Securities and Exchange Commission (BSEC) approved the draft prospectus of Blue-Wealth 1st Balanced Fund, an open-ended mutual fund.
On Wednesday, the commission approved the prospectus at its 826th meeting.
According to the BSEC, the primary target size of the fund is Tk25 crore.
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The sponsor, Blue-Wealth Assets Limited, will provide Tk2.5 crore of that amount, and the remaining Tk22.5 crore will be raised by selling mutual fund units to investors at a face value of Tk10 each.
Sandhani Asset Management Limited is the trustee, while Brac Bank Ltd is the custodian of the fund.
As the asset manager, Blue-Wealth Assets Limited will focus on mid-and large-cap stocks, with capital protection getting high priority.
Open-ended mutual funds have no mandatory endpoint, and according to current regulations, their units are not listed with stock exchanges.
As such, investors buy and sell open-ended fund units based on current asset value from the asset manager's office or through authorised agents.
