UCB Income Plus Fund hits Tk 500cr milestone

UCB Income Plus Fund, a fixed-income open-end mutual fund managed by UCB Asset Management, a wholly owned subsidiary of United Commercial Bank PLC, has crossed Tk 500 crore in size, growing tenfold from its initial Tk 50 crore since its launch in July 2023.

This is a rare feat, as such scalability has not been achieved in the past 15 years, according to a press release.

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The bank and the asset management company jointly organised a celebration programme at the bank’s head office in Dhaka recently to mark the achievement.

Sharif Zahir, chairman of the bank, inaugurated the celebration as the chief guest.

The fund’s growth from Tk 50 crore to more than Tk 500 crore in just three years and three months reflects growing investor confidence in open-end mutual funds managed by credible asset managers.

Established in 2020, UCB Asset Management has become the fastest-growing asset management company in Bangladesh, while UCB Income Plus Fund has become the largest mutual fund managed by a private asset management company.

Only two open-end funds managed by ICB currently have higher assets under management.

The achievement reflects the collective contribution of UCB Asset Management’s investors, team, regulators and fellow asset managers. Managing a mark-to-market fixed-income fund through a volatile interest-rate cycle presented significant challenges, while continued investor confidence played a key role in sustaining the fund’s performance and supporting its growth.

Mohammad Mamdudur Rashid, chief executive officer of the bank; Nabil Mustafizur Rahman, chairman of the asset management company; and Shekh Mohammad Rashedul Hasan, managing director and CEO, along with directors of the UCB PLC board and senior management of the bank, were also present on the occasion.