The Bangladesh Securities and Exchange Commission (BSEC) has granted approval for the draft Trust Deed of two new mutual funds, the Midland Bank Growth Fund and Midland Bank Balanced Fund.
Each fund will have an initial size of Tk25 crore, with Midland Bank PLC contributing 10 per cent as the sponsor.
A Trust Deed signing ceremony was held on September 3 at Midland Bank’s head office in Gulshan to formalise the agreement with the Trustee, Sandhani Life Insurance Company Limited.
The Trust Deeds were executed by Md Ahsan-uz Zaman, managing director and CEO of Midland Bank PLC, and Md Mizanur Rahman, company secretary of Sandhani Life Insurance. Senior officials from both organisations attended the ceremony.
Midland Bank Asset Management Company will manage the assets, while Commercial Bank of Ceylon Bangladesh PLC will act as the custodian for the funds.
In his remarks, Md Ahsan-uz Zaman emphasised that the funds are designed to offer professional management aimed at long-term growth and balanced returns for investors. He expressed confidence that these initiatives would contribute significantly to enhancing the depth and stability of Bangladesh’s capital market.
