Sandhani Asset Management gets go-ahead to run business

Sandhani Asset Management Limited (SAML) got the nod from the stock market regulator to run the business.

Asset management companies manage mutual funds and the funds pool money from investors to channel it into securities such as stocks, bonds, and other assets. Depending on the profits earned, investors are then paid their share as dividends.

As of August 17 of 2021, 31 asset management companies in the country are managing a total of Tk 14,500 crore under 105 mutual fund schemes.

The newly approved asset management company sent a press release yesterday saying it was awarded with the licence of asset management company from Bangladesh Securities and Exchange Commission (BSEC) under SEC (Mutual Fund) Rules, 2001.

With the license, the number of asset management companies is 51. Sandhani Asset Management Limited is a subsidiary of Sandhani Life Insurance. The insurer is a reputed listed company of Dhaka Stock Exchange and Chittagong Stock Exchange.

The other two capital market-related companies of Sandhani group are Sandhani Life Finance Limited (Merchant Bank) and Mona Financial Consultancy & Securities Limited (Brokerage House).

Through awarding of the asset management licence, Sandhani Group has got the opportunity to further expand its business in the area of the capital market.

Mir Ariful Islam has joined Sandhani Asset Management Limited as the managing director and Chief Executive Officer. Before that, he was the Head of Research and Fund Management of Prime Finance Asset Management.

We have a target to bring new funds in the stock market and pay back handsome dividends to unitholders, said Islam.

Our main target is to ensure sustainable dividends for investors, he added.