Bangladesh Securities and Exchange Commission has approved the draft Trust Deed of two new mutual funds to be sponsored by Midland Bank PLC.: Midland Bank Growth Fund and Midland Bank Balanced Fund.
Each fund has an initial size of Tk25 crore, with Midland Bank PLC contributing 10% as the sponsor.
A Trust Deed signing ceremony was held on Wednesday at the bank’s head office in Gulshan, to formalize the agreement with the Trustee, Sandhani Life Insurance Company Limited.
Md Ahsan-uz Zaman, managing director & CEO of Midland Bank PLC, and Md Mizanur Rahman, company secretary of Sandhani Life Insurance, executed the Trust Deeds.
Senior officials from both organizations were present.
Midland Bank Asset Management Company will act as the asset manager, and Commercial Bank of Ceylon Bangladesh PLC will be the custodian.
Md. Ahsan-uz Zaman said: “These 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.”