PPI Original Text (PPI-OT) – Pakistan Credit Rating Agency Limited Maintains Asset Manager Rating of First Capital Investments Limited

Lahore, May 25, 2012 (PPI-OT): The Pakistan Credit Rating Agency (PACRA) has maintained the asset manager rating of First Capital Investments Limited (FCIL) at “AM4+” (AM four plus). The rating denotes that asset manager demonstrates an adequate organization that meets investment management industry standards and benchmarks.

The rating reflects FCIL’s continuous efforts to sustain its operating platform to manage its only closed end fund. Although the management witnessed turnover lately, key functions have been put in place with some positions to be filled in due course.

The Investment Committee strictly adheres to prudence in its decision making, also reflected in the fund performance in the relevant category. The fund is expected to continue as closed-end, as majority fund investors have agreed in principle.

The rating incorporates management’s enhanced focus towards up-gradation of IT infrastructure and developing processes to strengthen overall investment management platform.

The rating is dependent upon sustainability in the company’s operational infrastructure particularly management function. The evolution of the company in line with the industry to ensure informed decision making is also important. Meanwhile, fund performance would continue to remain a critical consideration.

For more information, contact:
Hammad Rashid
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com

Leave a Reply