UCB Income Plus Fund hits Tk500cr milestone

UCB Income Plus Fund, a fixed-income open-ended mutual fund managed by UCB Asset Management, has crossed Tk500 crore in size, marking a tenfold rise from its initial Tk50 crore since its launch in July 2023.

The fund achieved the milestone in three years and three months, reflecting growing investor confidence in professionally managed open-ended mutual funds, according to a press release.

It has become the largest mutual fund managed by a private asset management company in Bangladesh, with only two open-ended funds managed by ICB having higher assets under management, the release said.

The fund’s growth came amid a volatile interest rate cycle that posed challenges for managing a mark-to-market fixed-income portfolio. Continued investor confidence and sustained fund performance helped drive its expansion.

Established in 2020, UCB Asset Management said the achievement reflects the collective efforts of its investors, team, regulators and fellow asset managers in developing the country’s mutual fund industry.

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 attended a programme marking the milestone.

Directors of the UCB PLC board and senior management officials were also present.