IGI Funds Limited: Management Quality Rating of 'AM2-' assigned

JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned Management Quality Rating of 'AM2-' (AM-Two Minus) with a stable outlook to IGI Funds Limited. This credit rating is indicative of the sound governance structure instituted at the management company and is an affirmation of the confidence that investors have placed in IGI Funds Limited.
IGI Funds Limited is a group company of the IGI Financial Services and Packages Limited. The Company is registered as a Non-Banking Finance Company (NBFC) licensed by the Securities and Exchange Commission of Pakistan (SECP) to provide Asset Management and Investment Advisory Services in conformity with the NBFC Rules, 2003 and NBFC and NE Regulations 2008.
The company has five open ended funds under management namely IGI Income Fund, IGI Stock Fund, IGI Islamic Income Fund, IGI Money Market Fund and IGI Aggressive Income Fund. The IGI Income Fund has mostly remained insulated from the credit failures in the market and returns have remained consistent with year-to-date (YTD) return of 11.35 percent (Jul10-Dec10).
Return of IGI Stock Fund is close to the peer group average with YTD return of 19.96 percent (Jul10-Dec10). The IGI Islamic Income provides a liquid portfolio of Shariah approved fixed income investments with highly competitive returns to unit holders. The YTD return on the IGI Islamic income Fund was 9.81 percent (Jul10-Dec10). IGI Money Market Fund has been performing exceptionally with YTD return of11.35 percent (Jul10-Dec10). The recently acquired fund IGI Aggressive Income Fund (previously POBOP Advantage Plus Fund) is being restructured into a low risk portfolio. The AMC is primarily engaged in floating and managing mutual funds. In addition to this, portfolio management of investment advisory mandates mobilised by the parent company is also supervised by IGI Funds.-PR