UBL Fund Managers has announced a record bonus distribution of Rs 2.4 billion for its funds, which include United Money Market Fund (UMF), United Growth & Income Fund (UGIF), United Stock Advantage Fund (USF) and United Composite Islamic Fund (UCIF) for the fiscal year ending June 30.

Addressing a press conference at a local hotel on Friday, UBL Fund Managers Chief Executive Officer (CEO) Mir Muhammad Ali said that the quantum of bonus distribution was the highest amongst all private sector asset management companies managing open-end funds in Pakistan.

UBL Fund Managers with assets under management (AUM) of Rs 23.5 billion as on June 30 was the largest asset management company (AMC) in terms of AUM in private sector open-end funds in Pakistan, he said.

The AUM grew by Rs 18 billion in just one year, placing it amongst the fastest growing AMCs in Pakistan, he said, adding the UBL Fund Managers was also the only Pakistani AMC to distribute its funds through the network of the bank's branches in the UAE.

He said that UBL Fund Managers was planning to launch more funds during the next year, starting off with the launch of United Islamic Income Fund (UHF). The company continuously strived to provide attractive returns through its investment solutions and set the highest standards in the asset management industry, he added.

Talking about the UBL Fund Managers, established in 2002, he said it was wholly owned subsidiary of United Bank Limited, one of the largest private sector commercial banks and enjoyed a credit rating of' AM2- From JCR-VIS. On the occasion Nadeem Anwar, Husnain and Hasan Abbas were also present.