The Documentation Ceremony of "Grameen Bank-AIMS First Unit Fund" was held on Sunday where the Trust Deed of the Fund was signed between Grameen Bank and Sandhani Life Insurance Company Limited.
Grameen Bank is the Sponsor while Sandhani Life Insurance Company Limited is the Trustee of the Fund, according to a statement.
An Investment Management Agreement for the purpose was also executed between Grameen Bank and the Asset Manager AIMS of Bangladesh Limited.
It would be the second mutual fund sponsored by Grameen Bank after "Grameen Mutual Fund One" which launched two Closed-end Schemes, also under the management of AIMS.
The new Fund will be the first Open-ended Scheme under the management of AIMS, the pioneer private asset management company in Bangladesh.
Grameen Bank Chairman Prof. Dr. AKM Saiful Majid, Managing Director Md. Abdur Rahim Khan, AIMS Managing Director Yawer Sayeed, Director Dr. Akhter Hussain and Sandhani Life Insurance Company Secretary Md. Mizanur Rahman were present at the Documentation Ceremony. The initial contribution by Grameen Bank to the fund is Tk 1.0 billion.
The Vision of the Grameen Bank-AIMS First Unit Fund is to achieve financial inclusion through the mutual fund vehicle by creating a reliable and affordable financial instrument for the micro-savers and struggling middle-class cluster of the society and integrating them with the national capital market in a structured and caring and responsible way.
However, along with the growing risk-averse retiree section of the community, institutional investors would also find the Scheme a safe sanctuary for predictable income stream and capital gains.With that objective, the open-ended scheme of the fund is designed specially to attract rural micro-saver women of Grameen Bank.