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Mutual fund in World
Uncertainty Of The Origin Of Mutual Fund
• Some cited that the close-end investment company lanuched
first mutual fund in the Netherland in 1822 by King William
first.
• Other points to a Dutch merchant named Adriaan van Ketwich
whose investment trust created in 1774 may have given it.
• The Boston Personal Property Trust, formed in 1893, was the
first close ended mutual fund in U.S.
• The creation of the Alexander Fund in Philadelphia in 1907
was an important step in the evolution toward what we know
as the modern mutual fund.
Mutual Funds
How do Mutual Funds
determine their Unit Price?

NAV = Current Market Value of all the Assets – Liabilities
Total Number of Units Outstanding
ADVANTAGES
•
•
•
•
•

ACCESSIBILITY
LIQUIDITY
DIVERSIFICATION
PROFESSIONAL MANAGEMENT
CORPORATE TAX BENEFITS
REGULATORY BODIES
• The Securities & Exchange Commission of
Pakistan (SECP)
• Central Depository Company of Pakistan
(CDC)
• Asset Management Companies (AMCs)
SOURCES of funds
TYPES OF
MUTUAL FUND

BY STRUCTURE

BY NATURE

BY INVESTMENT
OBJECTIVES

OTHER SCHEMES
& PLANS

ASSET
ALLOCATION
FUND

OPEN -ENDED

EQUITY SCHEME

MONEY MARKET
SCHEME

CLOSE -ENDED

BALANCED
SCHEME

INCOME SCHEME

FUND OF FUND
SCHEME

AGGRESSIVE
FIXED INCOME
SCHEME

SHARIAH
COMPLIANT
(ISLAMIC)
SCHEME
CAPITAL
PROTECTED
SCHEME

INDEX TRACKER
SCHEME
USES OF FUNDS
Savings Accounts
• Short term –

An example of a very short-term savings account (6 monthsone year), could be a money market mutual fund or income
fund.

• Midterm –

An example of a mid- term savings account (2- 3 years) could
be an income -equity fund.

• Long- term –

An example of long-term (greater than 3 years) could be a
growth or growth and income mutual fund.

• Very long-term –

an example of very long term, (five years or more) are
growth, growth and appreciation, growth and income, and
international funds.
Retirement Accounts

College Plans

Mutual funds work best when held long term
•LENDING TO GOVERNMENT
• Treasury notes
• Treasury bonds
• State Government Debt Securities

Low risk and low return
PERSONAL FINANCE:
•Housing finance
•Mortgage
•Amortized loan
•Investment property
•Fixed-term loan
•Credit card
•Other bank assets (e.g. infrastructure, shares in controlled
entities)
COMMERCIAL LENDING:
 Fixed-term loan
 Period of the loan
 Interest rates
 Timing of interest payment
 Repayment of principal
 Bank bills held
 leasing
MUTUAL FUNDS COMPANIES:
• ASKARI ASSET MANAGEMENT LTD.
• ATLAS ASSET MANAGEMENT LTD.
• FAYSAL ASSET MANAGEMENT LIMITED
• HABIB ASSETS MANAGEMENT LTD.
• HBL ASSET MANAGEMENT LTD
• KASB FUND LIMITED
• UBL FUND MANAGERS LTD.
PRIMARY STAKEHOLDERS
• Sponsors
• Trustees
• Custodian
• Asset Management company
• Distributor/ Agents
• Banker
• Registrar &Transfer Agents
SPONSOR

TRUSTEE

REGISTRAR

BANKER

CUSTODIAN

AGENTS

AMC
Requirements For Making
Investment Of Taking Loan
For Individuals
• Management Company
• Copy of CNIC
• Application / Account opening Form
• Purchase of Units Form
• Zakat Affidavit (Optional)
• KYC Form (Know Your Customer)
• Cheque in favor of Trustee of the Fund
For Corporate
• Memorandum and Article of Association/ Trust deed
• Board / Trustee Resolution approving the investment
• Application/Account Opening Form
• Purchase of Units Form
• Power of Attorney and/or relevant resolution of board of directors/

trustee delegating authority to any of its officer to invest

• NTN of the institution with tax status
• CNIC of the officer to whom the authority has been delegated
• Cheque in favour of Trustee of the Fund
Cost Benefit For The Investment
• Brainstorm Costs and Benefits

• Assign a Monetary Value to the Costs
• Assign a Monetary Value to the Benefits
• Compare Costs and Benefits
Here is An Example
Cost

Benefit

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Mutual Funds

  • 1. Mutual fund in World Uncertainty Of The Origin Of Mutual Fund • Some cited that the close-end investment company lanuched first mutual fund in the Netherland in 1822 by King William first. • Other points to a Dutch merchant named Adriaan van Ketwich whose investment trust created in 1774 may have given it. • The Boston Personal Property Trust, formed in 1893, was the first close ended mutual fund in U.S. • The creation of the Alexander Fund in Philadelphia in 1907 was an important step in the evolution toward what we know as the modern mutual fund.
  • 3. How do Mutual Funds determine their Unit Price? NAV = Current Market Value of all the Assets – Liabilities Total Number of Units Outstanding
  • 5. REGULATORY BODIES • The Securities & Exchange Commission of Pakistan (SECP) • Central Depository Company of Pakistan (CDC) • Asset Management Companies (AMCs)
  • 7. TYPES OF MUTUAL FUND BY STRUCTURE BY NATURE BY INVESTMENT OBJECTIVES OTHER SCHEMES & PLANS ASSET ALLOCATION FUND OPEN -ENDED EQUITY SCHEME MONEY MARKET SCHEME CLOSE -ENDED BALANCED SCHEME INCOME SCHEME FUND OF FUND SCHEME AGGRESSIVE FIXED INCOME SCHEME SHARIAH COMPLIANT (ISLAMIC) SCHEME CAPITAL PROTECTED SCHEME INDEX TRACKER SCHEME
  • 9. Savings Accounts • Short term – An example of a very short-term savings account (6 monthsone year), could be a money market mutual fund or income fund. • Midterm – An example of a mid- term savings account (2- 3 years) could be an income -equity fund. • Long- term – An example of long-term (greater than 3 years) could be a growth or growth and income mutual fund. • Very long-term – an example of very long term, (five years or more) are growth, growth and appreciation, growth and income, and international funds.
  • 10. Retirement Accounts College Plans Mutual funds work best when held long term
  • 11. •LENDING TO GOVERNMENT • Treasury notes • Treasury bonds • State Government Debt Securities Low risk and low return
  • 12. PERSONAL FINANCE: •Housing finance •Mortgage •Amortized loan •Investment property •Fixed-term loan •Credit card •Other bank assets (e.g. infrastructure, shares in controlled entities)
  • 13. COMMERCIAL LENDING:  Fixed-term loan  Period of the loan  Interest rates  Timing of interest payment  Repayment of principal  Bank bills held  leasing
  • 14. MUTUAL FUNDS COMPANIES: • ASKARI ASSET MANAGEMENT LTD. • ATLAS ASSET MANAGEMENT LTD. • FAYSAL ASSET MANAGEMENT LIMITED • HABIB ASSETS MANAGEMENT LTD. • HBL ASSET MANAGEMENT LTD • KASB FUND LIMITED • UBL FUND MANAGERS LTD.
  • 15. PRIMARY STAKEHOLDERS • Sponsors • Trustees • Custodian • Asset Management company • Distributor/ Agents • Banker • Registrar &Transfer Agents
  • 18. For Individuals • Management Company • Copy of CNIC • Application / Account opening Form • Purchase of Units Form • Zakat Affidavit (Optional) • KYC Form (Know Your Customer) • Cheque in favor of Trustee of the Fund
  • 19. For Corporate • Memorandum and Article of Association/ Trust deed • Board / Trustee Resolution approving the investment • Application/Account Opening Form • Purchase of Units Form • Power of Attorney and/or relevant resolution of board of directors/ trustee delegating authority to any of its officer to invest • NTN of the institution with tax status • CNIC of the officer to whom the authority has been delegated • Cheque in favour of Trustee of the Fund
  • 20. Cost Benefit For The Investment • Brainstorm Costs and Benefits • Assign a Monetary Value to the Costs • Assign a Monetary Value to the Benefits • Compare Costs and Benefits
  • 21. Here is An Example Cost Benefit