KARACHI, Dec 19: Pakistan Venture Capital Limited (PVCL) announced its plans to float and manage a Rs250 million open- ended money market fund (MMF); PVCL is 25 per cent owned by Asian Development Bank (ADB) and 30 per cent owned by Dawood Leasing Company Limited.

A press release issued by Dawood Leasing said that PVCL had just obtained an asset management company (AMC) licence from the SECP and was eager to help build the nascent MMF market. PVCL, it stated, was the only listed venture capital company in the country and it was the first to have entered the area of asset management formation of a company under the Asset Management Rules, 1995. Five other asset management companies currently in the field include: NIT, UBL, ABAMCO Limited, Arif Habib and Atlas Investment Bank.

The press statement said that the PVCL’s MMF would initially invest in instruments, including TFCs, PIBs, COTs, Repos, COIs and COMs deposits and commercial paper.