UBL Fund Managers Ltd on Tuesday at a press conference at a local hotel announced that the performance of United Growth & Income Fund (UGIF) has achieved a yield of 12 percent per annum during July to December 31, 2006.

Mir Mohammed Ali, CEO of UBL Fund Managers while briefing the pressmen on the company's results said UGIF during the period under review saw an increase in unit holders by 98 percent, with a total fund size of over Rs 3.3 billion. The net income per unit increased to Rs 6.14 as compared to Rs 4.29 for the corresponding period last year.

He said that within a short span of time, UBL Fund Managers had achieved significant growth and the figures announced in the financial results were a clear indicator of our potential in fund management. Ali said that the United Money market Fund (UMF) another product of the company, which invests in short term fixed income instruments reached fund size of over Rs 4.8 billion, with an increase of over 29.5 percent in find size.

The United Stock Advantage Fund, launched in August 2006, "outperformed the KSE benchmark index. Ali said, "The united Composite Islamic Fund (UCIF) which is the first Shariah Compliant Fund offered by UBL Fund Managers, and was introduced just before end of this financial period showed a net income per unit of Rs 0.12, with the number of unit holders reaching over two thousand."

UBLFM has overall funds of Rs 10 billion under management with over 5,000 unit holders; 15 percent individuals and 85 percent are institutional investors.

Ali said: "UBL Fund Managers Ltd is a wholly owned subsidiary of United Bank Limited, making it the first asset management company to be launched by a bank in Pakistan. It is operating since 2002. It is ranked number one in asset under management (AUM) in fixed income schemes and 2nd in (AUM) in private sector open-end mutual funds (out of 30 existing companies). UBL has been awarded a management quality rating of AM2- by JCR-VIS Credit Rating Agency."

He said that SECP was working on a proposal to increase paid up capital requirement for mutual fund companies. The company has plans to take it products to the Middle East and offer it to Pakistani expatriates and other