UCB Income Plus Fund has crossed Tk500 crore in assets under management, growing tenfold from Tk50 crore since its launch in July 2023, UCB Asset Management Ltd said on Tuesday.
The fixed-income open-end mutual fund reached the milestone in three years and three months, making it the largest mutual fund managed by a private asset manager in Bangladesh, according to the company.
Only two open-end funds managed by Investment Corporation of Bangladesh currently have higher assets under management, it said.
UCB Asset Management said such a scale-up had not been seen in Bangladesh’s mutual fund industry in the past 15 years.
The company attributed the growth to stronger investor confidence in open-end mutual funds managed by established asset managers.
Founded in 2020, UCB Asset Management said it has become the country’s fastest-growing asset management company.
The fund’s expansion came through a volatile interest-rate cycle, when managing a mark-to-market fixed-income portfolio posed significant challenges, the company said.
UCB PLC Chairman Sharif Zahir, CEO Mohammad Mamdudur Rashid, UCB Asset Management Chairman Nabil Mustafizur Rahman and Managing Director and CEO Shekh Mohammad Rashedul Hasan attended an event marking the milestone.
Directors of UCB and senior management officials were also present.
