ABL Asset Management Company Ltd. (ABL AMCL), a wholly owned subsidiary of Allied Bank Limited (ABL) and ITMinds Limited (a wholly owned subsidiary of Central Depository Company of Pakistan Limited), signed an agreement enabling ITMinds to provide back office services for two upcoming Pension Funds of ABL AMCL.
The agreement was signed by Mr. Farid Ahmed Khan, CEO – ABL AMC and Syed Asif Shah, CEO – ITMinds Limited in presence of Mr. Mohammad Hanif Jakhura, Director ITMinds and CEO of Central Depository Company of Pakistan Limited.
This arrangement will provide ABL AMCL a dynamic platform to increase efficiency and reliability of services, resulting in improved investor satisfaction. ITMinds shall be providing services for settlement, unit management operations, NAV calculation / financial statements, business continuity and IT management. The firm will be launching both conventional and Islamic pension funds in coming weeks.
Besides back office services, ITMinds Limited also provides IT consultancy and implementation services to organizations both locally and internationally, especially in Middle East & Africa.
ABL Asset Management is one of the largest fund managers in Pakistan with total assets in management of over Rs 27bn. It currently manages eight listed funds and is the only fund management company in Pakistan which is both GIPS and ISO 27001 compliant. It also has one of the largest distribution networks in the country and its funds are available in over 900 branches of Allied Bank throughout the country.