MCB-Arif Habib plans to acquire PICIC AMC

KARACHI: MCB-Arif Habib Savings and Investments Limited on Monday announced its plan to acquire PICIC Asset Management Company.
“The management will be performing due diligence and valuation exercise over the next few days,” said Mohammad Saquib, chief financial officer of MCB-Arif Habib Savings and Investments, which is Pakistan’s leading asset management company.
NIB Bank, which bought PICIC Commercial Bank Limited in 2007, earlier announced that certain parties had expressed an intention to acquire the bank’s non-core subsidiary.
PICIC’s assets under management, through eight funds, including two Islamic funds, amounted to Rs27.3 billion as of December 2014.
MCB-Arif Habib Savings and Investments Limited came into being after the Securities and Exchange Commission of Pakistan approved the merger of Arif Habib Investments Limited and MCB Asset Management Company Limited in June 2011.
The company managed more than Rs65.13 billion as on April 30, 2015.
It has 13 mutual funds, two voluntary pension schemes and different investment plans in its product portfolio.