SCB obtains licence to distribute units

KARACHI: Standard Chartered Bank (Pakistan) Limited (SCBPL) is the first commercial bank to obtain licence to act as securities advisers for distribution of the units of Collective Investment Schemes and / or Voluntary Pension Funds by the Securities and Exchange Commission of Pakistan, a statement said on Wednbesday.

Currently, SCBPL through its wealth management function, among other third party products, is undertaking distribution of funds via its branches, it added. SCBPL distributes funds for three asset management companies in Pakistan, Al Meezan Investment Management Limited, MCB-Arif Habib Savings and Investments Limited and UBL Fund Managers Limited.