FinanceNews

Crosby Asset to launch oil and gas sector mutual fund

KARACHI (January 09 2004): Crosby Asset Management Ltd (CAML) planned to launch an oil and gas sector dedicated mutual fund in next few months to increase their presence in the financial market of the country.

Robert Owen, Chairman Techpacific and Crosby said the company has entered in Pakistan market, as for the last two years investment climate is conducive for business.

The CAML is a holding company for the Crosby Group's asset management business in Pakistan.

It is a wholly owned subsidiary of Crosby Capital Partners (Holdings) Limited, the parent holding company for the Crosby group of companies (Crosby).

The size of CAML's open-ended mutual fund has increased to Rs 364 million – Rs 260 million seed capital and Rs 104 million generated through subscription of the fund certificates by the public.

The fund is expected to generate more capital in the coming days by the issuance of new certificates.

The Crosby network covers offices in Hong Kong, China, Singapore, Indonesia, South Korea, Philippines and the United Kingdom. Crosby being a big player in cross-border management and asset deals in Asian markets, has specialised in the sectors of telecommunications, energy and natural resources, export receivables, workers' remittances, mergers and acquisitions.

“The presence of this fund proved that the foreign investors' confidence in Pakistan's capital market has been restored,” he said and hoped that the Crosby fund through its professional expertise would capture a large share in this highly untapped country's market.

Crosby has focused on transactions in the range of 50 million dollars to 500 million dollars.

These include management buy-out and leveraged buy-out deals, which are increasingly being pursued in certain more developed Asian markets.

Ilyas Khan, Managing Director, CAML hinted at launching of an oil and gas fund in next couple of months.

“Oil and gas sector particularly exploration, offers a good opportunity for asset management funds. This is an area overlooked by international companies and could generate ample interest from the investors, both big and small ones,” he said.

He disclosed that Crosby was interested in acquiring minority positions in already placed funds. He said that our ambition is to become the country's largest asset management fund by 2006 backed by available skills and efficient management.

“We think the revolution has started in Pakistan. We have decided to tap common people for whom a mutual fund is meant for, but first of all we focus on building a rapport by giving proofs of our diligence,” he said. Rural areas could be tapped, which are neglected so far. It could generate ample funds for the capital markets of the country, he added.

Related Articles

Back to top button
Stay up to date
Don't miss out on the latest industry news and articles
Stay up to date
Don't miss out on the latest industry news and articles
You are Subscribed!
Your subscriptions means a lot to us.
Don't miss out on the latest Industry news
You are Subscribed!