KARACHI, Feb 21: The UBL Fund Managers Ltd., a wholly owned subsidiary of United Bank Limited, announced their financial results for the six month period ended December 31, 2006.

The financial results showed the UBLFM as having overall funds of Rs10 billion under its management, with over 5,000 unit holders.

The highlight of the financial results of the United Growth and Income Fund (UGIF) showed a yield of over 12 per cent per annum during July to December 2006.

The United Growth and Income Fund saw an increase in unit holders by 98 per cent, with a total fund size of over Rs3.3 billion.

The net income per unit increased to Rs6.14 as compared to Rs4.29 for the same period last year.

The United Money Market Fund (UMF), which invests in short-term fixed income instruments, reached a total fund size of over Rs4.8 billion, with an increase of over 29.5 per cent in fund size.

The United Stock Advantage Fund, launched only in August 2006, outperformed the KSE benchmark index. 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 Rs0.12, with the number of unit holders reaching over 2000.