LAHORE - Lahore Stock Exchange (G) Ltd. (LSE) has approved the application for formal listing and quotation of the units of NAFA Money Market Fund (open-end fund managed by NBP Fullerton Asset Management Ltd.). The Fund will be quoted under “open-end fund” sector of the Ready Board Quotation of the Exchange w.e.f. Friday (February 24).

The investment objective of the Fund is to provide stable income stream with preservation of capital by investing in AA and above rated banks and money market instruments. The performance benchmark of the Fund for the period of return shall be based on average 3-month deposit rate of AA rated banks or such other benchmark as determined by the management company under prior approval of SECP. The funds’ initial public offering is from February 22 to 23, 2012 and initial price per unit of the fund is Rs 10. CDC is acting as the Trustee for the Fund and duration of the fund is perpetual.

NBP Fullerton Asset management Limited (NAFA) is a non-banking finance company licensed to undertake Asset Management Services as per NBFC Rules and Regulations. The main sponsors of NAFA are National Bank of Pakistan and Alexandra Fund Management Pte. Ltd, (a member of Fullerton Fund Management Group, Singapore, which in turn is a wholly owned subsidiary of Temasek Holdings, Singapore). NAFA’s main area of business is investment management; more specifically floating and managing mutual funds. The company is currently managing 11 open end funds namely NAFA Asset Allocation Fund, NAFA Government Securities Liquid Fund, NAFA Income Opportunity Fund, NAFA Income Fund, NAFA Islamic Multi Asset Fund, NAFA Islamic Aggressive Income Fund, NAFA Multi Asset Fund, NAFA Riba Free Savings Fund, NAFA Stock Fund, NAFA Savings plus Fund and NAFA Financial Sector Income Fund. All these funds are listed at Lahore Stock Exchange. After the listing of this fund total number of listed funds at LSE will be 60.

Managing Director and Chief Executive Officer of the Lahore Stock Exchange Aftab Ahmed Chaudhry congratulated the investors and welcomed the listing of Nafa Money Market Fund at LSE and assured that listing of new funds will continue at the Exchange. He added that Lahore Stock Exchange encourages the listing of new funds at LSE.