• Wednesday, Jul 08, 2020
  • Last Update : 12:41 am

Tenure of two mutual funds extended

  • Published at 06:43 pm June 2nd, 2020
Banking
Photo: BIGSTOCK

The mutual funds are: Phoenix Finance 1st Mutual Fund and ICB AMCL Third NRB Mutual Fund

The tenure of two closed-end mutual funds, managed by ICB Asset Management Company Limited, has been extended for another 10 years each, according to an official disclosure made on Tuesday.

The mutual funds are: Phoenix Finance 1st Mutual Fund and ICB AMCL Third NRB Mutual Fund. 

Dhaka Stock Exchange (DSE) on Tuesday made the announcement on its website in this regard.

According to the disclosure, Phoenix Finance 1st Mutual Fund’s tenure has been extended up to May 3, 2030, and ICB AMCL Third NRB Mutual Fund’s up to May 19, 2030.

Earlier in September 2018, the stock market regulator had given a go-ahead to the extension of the tenure of all closed-end mutual funds and handed over the authority of extension to asset managers.

In this regard, the BSEC had issued a directive that time scrapping its previous directive on conversion or liquidation of closed-end MFs on completion of 10-year period.

Each unit price of Phoenix Finance 1st Mutual Fund closed at Tk 8.10, and ICB AMCL Third NRB Mutual Fund closed at Tk 5.30 yesterday at DSEW.

Closed-end mutual funds are investment funds that gather a fixed pool of money for 10 years from a number of investors and re-invest them into stocks, bonds and other assets.  

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