The Bangladesh Securities and Exchange Commission has approved an open-ended mutual fund named UCB Income Plus Fund worth Tk 50 crore.

Of the fund, UCB Asset Management has provided Tk 5 crore and the rest of the fund is open for sell for the general investors.

Price of each fund unit is Tk 10.

Mutual 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.

Open-ended mutual funds are not listed with the stock market but one can buy them from a fund manager's office on the basis of its net asset value.

Similarly, investors can sell off fund units at any time at prices based on its current net asset value.

Today, the BSEC approved the mutual fund in a commission meeting held at its office.

UCB Asset Management is the asset manager of the fund while Sandhani Life Insurance and Brac Bank would work as its trustee and custodian respectively.