BGIC seeks regulator’s approval to replace asset manager of two mutual funds
The BGIC also asked LR Global Bangladesh AMC not to make investments in non-listed securities without prior approval from the trustee
Following unitholders' demand, the trustee of DBH First Mutual Fund and Green Delta Mutual Fund on Thursday wrote to the Bangladesh Securities and Exchange Commission (BSEC), seeking approval for changing the two funds' asset manager LR Global Bangladesh Asset Management Company Ltd.
The trustee Bangladesh General Insurance Company also asked LR Global to take approval from the trustee before investing unitholders' money in non-listed securities.
The BGIC sent a letter to the securities regulator, informing that more than two-thirds of the unitholders wanted to change asset manager of the two funds.
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Over 72 percent of unitholders of DBH First Mutual Fund and 70 percent of those of Green Delta Mutual Fund recently had demanded to appoint IDLC Asset Management Company as the new asset manager replacing LR Global, following the BSEC rules.
The BGIC Managing Director Ahmed Saifuddin Chowdhury told the media that the trustee will change the asset manager after getting approval from the BSEC.
He also said that the BGIC directed LR Global to take permission from it regarding investing funds in non-listed securities for the interest of the unitholders.
