Citibank Pakistan today announced the launch of the distribution of mutual funds managed by JS Investments through its 21-branch network. Aftab Ahmed, Country Business Manager, Global Consumer Group, Citibank Pakistan said, “Meeting customer expectations through superior service, innovative products and alternative investment options is our primary goal. The alliance with JS Investments to distribute five of their funds will enable us to offer our customers a broader array of investment options through our branches.”
Commenting on this occasion, Najam Ali, CEO of JS Investments, added: “We have always been at the forefront of bringing innovative and consumer friendly products to the market that pass on benefits of thriving capital markets of Pakistan to small investors. The launch of distribution of our mutual funds by Citibank Pakistan will make our mutual funds more accessible to investors and is a great milestone in the history of mutual fund industry of Pakistan.”
Out of the five open-ended mutual funds being offered by JS Investments the following two are available for distribution by Citibank Pakistan on an exclusive basis. JS Aggressive Asset Allocation Fund invests mainly in equities, bonds and money-market instruments and JS Fund of Funds invests mainly in equity, fixed income, balanced and money market funds.
The remaining three mutual funds will be distributed on a non-exclusive basis they include Unit Trust of Pakistan invests mainly in shares, debt-instruments and short –term money market instruments, JS Income Fund invests mainly in fixed income securities and UTP Islamic Fund invests mainly in shares of companies which meet Shariah compliance criteria.
It may be noted that Citibank’s role will be limited to the extent of performing the distribution function without providing any advice to the prospective investor in respect of the investment products. Founded in 1995, JS Investments Ltd. (formerly JS ABAMCO Ltd.) is the oldest and the largest private sector asset management company in Pakistan with approximately PKR 34 billion assets under management, spread across various mutual funds, pension funds and separately managed accounts.