IDLC Finance Limited, the first lease finance company and premier non-bank financial institution in Bangladesh has appointed AIMS of Bangladesh Limited as the designated Asset Manager & Investment Advisor of the proposed IDLC First Mutual Fund sponsored by it.

Bangladesh General Insurance Company Limited (BGIC), the first general insurance company of Bangladesh and Trustee of AIMS First Guaranteed Mutual Fund, the first mutual fund in Bangladesh under private initiative, has been proposed as the Trustee while Southeast Bank Limited as Custodian of the new mutual fund. The Tk250 million first scheme of the closed-end balanced income fund is poised to be the first mutual fund sponsored by any non-bank financial institution. It would be an actively managed broad market fund.

Incidentally, IDLC is also one of the distinguished co-sponsors of AIMS First Guaranteed Mutual Fund and has also been proposed as the Custodian of the BGIC Mutual Fund. On the other hand, BGIC is the sponsor of the proposed BGIC Mutual Fund, application for registration of which is now lying with the SEC, all under the management of AIMS of Bangladesh Limited.

The IDLC First Mutual Fund would be listed with the local stock exchanges through IPO when the general public will be invited to subscribe where there would be a quota for non-resident Bangladeshis and mutual funds registered with the SEC.

AIMS of Bangladesh Limited have sought registration of the Fund with the SEC in April 2008.

The prospectus and application form of the IDLC First Mutual Fund would be made available as and when consent from the SEC is sought and received, tentatively in the financial year of 2009-10.