Recently launched three open-ended funds for UAE investors; United Growth and Income Fund (UGIF), United Stock Advantage Fund (USF) and United Composite Islamic Fund (UCIF)

Dubai, UAE, 23rd July 2007: UBL Fund Managers, a wholly owned subsidiary of United Bank Limited, announced record bonus distribution of Rs 2.4 billion (AED 146 million) for its funds for the fiscal year ended June 30, 2007. These include three funds that were recently also launched in the UAE, namely the United Growth & Income Fund (UGIF), United Stock Advantage Fund (USF) and United Composite Islamic Fund (UCIF) in addition to its United Money Market Fund (UMF). The quantum of bonus distribution is the highest amongst all private sector Asset Management Companies managing open end funds in Pakistan.

Commenting on the bonus dividend announcement, Mr. Wajahat Hussain, Head of Middle East, UBL, said: "Though UBL is the largest private sector Asset Management Company (AMC) in terms of Assets under Management (AUM) in Pakistan, we have only recently started offering Mutual Funds as a product class to our clients in the UAE, emerging as one of the few Banks in the Emirates to do so. We are currently focused on building up the Mutual Fund market itself in the UAE and thus this record bonus dividend announcement is extremely timely and a welcome announcement."

UBL Fund Managers with AUM of Rs. 23.5 billion (AED 1.4 Billion) as of June 30, 2007 is the largest AMC in terms of AUM in Private Sector Open End Funds in Pakistan. The AUM grew by Rs. 18 billion (AED 1.1 Billion) in just one year, placing it amongst the fastest growing AMCs in Pakistan. UBL Fund Managers is also the only Pakistani AMC to distribute its funds through the bank's branch network in UAE.

Speaking in Karachi, Mir Muhammad Ali, CEO of UBL Fund Managers elaborated on the excellent performance of UBL Funds in both fixed income and equity categories.

Both the fixed income funds, UMF and UGIF have performed impressively during the year ended June 30th, 2007. UMF delivered an annualized NAV per unit growth of 10.26%, while UGIF delivered an annualized NAV per unit growth of 11.51%. The Board of Directors has approved a bonus distribution of Rs. 10.10 (AED 0.61) per unit for UMF held on June 30th, 2007 and Rs. 11.40 (AED 0.7) per unit for UGIF held on June 30th, 2007. UMF and UGIF are rated A+ and A respectively by JCR-VIS.  

On the Equity fund side, USF, launched in August 2006, has performed well beating its benchmark KSE-100 Index by 62 bps and has delivered NAV per unit appreciation of 29.73%. The Board of Directors has approved a bonus distribution of Rs. 22.30 (AED 1.36) per unit for USF held on June 30th, 2007.

UCIF, UBL Funds first Shariah Compliant Fund commenced operation in December 2006. In this brief period of its operations, the Fund has delivered NAV per unit growth of 14.86% against its Benchmark (combination of DJIMPK Index & Fixed Income Shariah Compliant Instruments) appreciation of 13.26%. After reviewing its performance, the Board has approved a bonus distribution of Rs. 10.35 (AED 0.63) per unit for UCIF held on June 30th, 2007.

UBL Fund Managers is planning to launch more funds during the next year starting off with the launch of United Islamic Income Fund (UIIF). The company continuously strives to provide attractive returns through its investment solutions and sets the highest standards in the asset management industry through constant customer focus, special financial expertise and total quality management.

UBL Fund Managers, established in 2002, is a wholly owned subsidiary of United Bank Limited, one of the largest Private sector commercial banks and enjoys a credit rating of AM2- from JCR-VIS.

-Ends-

For further information please contact:
Dolly Nadar
Account Manager,
Percept Profile Gulf
Email: dolly@perceptprofilegulf.com
Tel: 00971 4 3346373

© Press Release 2007