UCB income crosses Tk500cr, sets new growth benchmark

UCB Income Plus Fund, an open-ended fixed-income mutual fund managed by UCB Asset Management, has surpassed Tk500 crore in assets, growing more than tenfold from its initial Tk50 crore since its launch in July 2023.

The fund reached the milestone in three years and three months, a scale of growth the asset manager described as rare in Bangladesh’s mutual fund industry over the past 15 years, according to the press release.

UCB Asset Management said the growth reflected increasing investor confidence in open-ended mutual funds offered by credible asset managers.

Established in 2020, the company described itself as Bangladesh’s fastest-growing asset management company and said UCB Income Plus Fund had become the largest mutual fund managed by a private asset manager in the country.

Only two open-ended funds managed by the Investment Corporation of Bangladesh currently have higher assets under management, it added.

The company credited the achievement to the collective contributions of its investors, employees, regulators and fellow asset managers.

Managing a fixed-income fund valued on a mark-to-market basis through a volatile interest rate cycle presented significant challenges, it said.

Continued investor confidence played an important role in sustaining the fund’s performance and supporting its expansion.

The milestone was celebrated in the presence of UCB PLC Chairman Sharif Zahir, Chief Executive Officer Mohammad Mamdudur Rashid, UCB Asset Management Chairman Nabil Mustafizur Rahman, and Managing Director and CEO Shekh Mohammad Rashedul Hasan.

Members of UCB PLC’s board of directors and senior management also attended the celebration.