Exemption of ICB and ICB Capital from trusteeship of two funds

The capital market regulator Bangladesh Securities and Exchange Commission (BSEC) has decided to transfer the trusteeship of two non-term mutual funds managed by Investment Corporation of Bangladesh (ICB) and ICB Capital Management Limited to another independent trustee.

The decision was taken at the 776th meeting of the BSEC on Monday. This information has been given in a press release signed by BSEC Executive Director and Spokesperson Mohammad Rezaul Karim.

It is learned that ICB AMCL Unit Fund and Bangladesh Fund manage two ICBs and ICB Capital Management. In the interest of investors, the BSEC has decided to transfer ICB and ICB Capital Management from the management of the two funds to another independent trustee.

ICB Asset Management Company Limited, a subsidiary of ICB, is the asset manager of the two funds.

Sunbd/NJ