KARACHI KASB Funds Limited (KFL) announces the successful completion of acquisition of Crosby Asset Management (Pakistan) Limited (CAMPL) and its simultaneous merger with and into KASB Funds Limited, says a press release. As per the approval of the Securities and Exchange Commission of Pakistan, CAMPL stands merged into KFL and the rights to manage Crosby Dragon Fund, Crosby Phoenix Fund and AMZ Plus Income Fund have been transferred to KFL w.e.f July 20, 2011. CEO of KASB Funds said this achievement is a culmination of six months of gruelling work by our people. He added that the current environment, both local and global, encourages consolidation of the financial sector by way of mergers and acquisitions in order to create entities having larger equity base, larger asset profile, multiple revenue streams, intensified operational competence and strong management tiers.