The Bangladesh Securities and Exchange Commission has approved draft trust deed of two new mutual funds to be sponsored by Midland Bank PLC, said a press release.
These mutual funds are 鈥楳idland Bank Growth Fund鈥� and 鈥楳idland Bank Balanced Fund.鈥�
Each fund has an initial size of Tk 25 crore, with Midland Bank contributing 10 per cent as the sponsor.
A trust deed signing ceremony was held on Wednesday at the bank鈥檚 head office at Gulshan in the capital to formalize the agreement with the trustee 鈥� Sandhani Life Insurance Company Limited.
Midland Bank managing director and chief executive officer Md Ahsan-uz Zaman and Sandhani Life company secretary Md Mizanur Rahman executed the Trust Deeds.
Senior officials from both organisations were present.
Midland Bank Asset Management Company will act as asset manager and Commercial Bank of Ceylon Bangladesh PLC will be custodian.
Md Ahsan-uz Zaman said, 鈥楾hese funds offer professional management for potential long-term growth and balanced returns for investors, to be managed by a team of dedicated and competent professionals. We believe this initiative will significantly contribute to enhance the depth and stability of Bangladesh capital market.鈥�
