The initial size of the fund will be Tk10 crore
The Bangladesh Securities and Exchange Commission (BSEC) on Wednesday approved the draft prospectus of CWT Emerging Bangladesh First Growth Fund (An open-end).
The approval was given at a commission meeting presided over by BSEC Chairman M Khairul Hossain at its headquarters in Dhaka.
The initial size of the fund will be Tk10 crore. The sponsor will contribute Tk1 crore, while remaining Tk9 crore will be collected through sales of units. The face value of the units will be Tk10 each.
CWT Asset Management Company Limited is the sponsor of the unit fund. The company will work as fund manager. Sandhani Life Insurance Company Ltd is trustee and Brac Bank Limited is custodian of the unit fund.
The objective of the CWT Emerging Bangladesh First Growth Fund is to generate growth of capital, with a secondary objective of current income through optimizing asset allocation in capital market and money market within regulatory framework.
The asset management said that minimum 50% of realized income of the fund would be distributed as dividend in each accounting year.