Sandhani Asset Management gets nod to launch business

Sandhani Asset Management has received a nod from stock market regulator Bangladesh Securities and Exchange Commission (BSEC) to launch operations.

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

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

The new company sent a press release yesterday saying it was awarded a licence by the BSEC under SEC (Mutual Fund) Rules, 2001. The licence took the number of asset management companies to 51.

Sandhani Asset Management is a subsidiary of Sandhani Life Insurance Company which is listed with the Dhaka and Chattogram stock exchanges. Its other associated firms include merchant bank Sandhani Life Finance and brokerage house Mona Financial Consultancy & Securities.

Mir Ariful Islam, managing director and chief executive officer of Sandhani Asset Management, previously served as 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 dividend for investors," he added.