'Most mutual funds couldn't give good returns in last 3 years'
Application for 3i AMCL First Mutual Fund starts tomorrow
Most of the mutual funds could not give good returns to the investors in the last three years, Istak Ahmmed Shimul, managing director and chief executive officer of 3i Asset Management Company said today.
However, his company's mutual fund will be able to give double digit dividends to the investors, Istak Ahmmed said at a press conference in Dhaka today, highlighting the success of his organisation in the past three years.
New generation wealth management company has launched a Tk25 crore open-ended mutual fund, named "3i AMCL First Mutual Fund".
Keep updated, follow The Business Standard's Google news channel
The company itself is the sponsor of this fund. The asset management company is contributing 10% of the fund.
Fund application will start today and will continue till 6 March.
Sandhani Life Insurance is acting as the trustee of the mutual fund. ICB Capital Management is the custodian.
Each unit of 3i AMCL First Mutual Fund is priced at Tk10. An individual investor can invest at least Tk5,000. In case of institutional investors, the minimum investment amount has been fixed at Tk50,000. The fund will distribute 70% of its annual profit to investors.
Istak Ahmmed said the stock market was very unstable in 2021, 2022 and 2023. "But, our company got an average of 35.71% return (profit) from the investment."
He said, "Our return in FY21 was 54%. In FY22, it was 24%. Then 16% return came in FY23, and 31% return came from July to December 2023."
Based on this business success, Shimul hoped to give good returns to investors.
"Moreover, those who invest in our mutual funds, we will consider them as shareholders of our company, not just as unit holders," he added.
On 12 September last year, an agreement was signed among the fund's sponsor, fund manager, trustee and custodian.
