Providing an alternative for Mutual Funds in Bangladesh

by InvestmentNews July 01, 2009

Today Securities and Exchange Commission provided Trustee license to Bangladesh General Insurance Company (BGIC) and Custodian license to Standard Chartered Bank (SCB). Previously ICB (Investment Corporation of Bangladesh), had a monopoly in both the businesses and has been a source of bottleneck for Mutual Fund issuance in Bangladesh. AIMS the first mutual fund asset manager in Bangladesh, has used both BGIC and SCB previously under one off approvals. LR Global also used SCB for their investment in Bangladesh for the offshore fund. Reaz Islam, CEO of LR Global Bangladesh stated that this decision provide alternatives for the market and will increase competition and ultimately will provide better service for the industry.

Tags: Global , Bangladesh