KARACHI, March 3: Arif Habib Investments announced on Monday that total funds under the management of the company stood at Rs2.2 billion.

In a press release issued on completion of the first year, the company said its Pakistan Income Fund (PIF) had Rs1.15 billion under management and over Rs435 million were in Pakistan Stock Market Fund (PSM).

The company said that on March 1, 2002, it had launched an open- end mutual fund MetroBank-Pakistan Sovereign Fund (MSF), which was a strategic alliance between Metropolitan Bank and Arif Habib Investments, with core capital of Rs250 million. Earlier in December 2002, Arif Habib Investments had acquired management of Pakistan Premier Fund (formerly KASB Premier Fund) from Khadim Ali Shah Bukhari. The closed end fund has about Rs475 million under management. The company stated that PIF had yielded a total return of 14.71 per cent since inception to February 28, 2003.