Karachi, 786 Investment Limited informed Pakistan Stock Exchange that names of “Dawood Income Fund” and “Dawood Islamic Fund” has been renamed as “786 Smart Fund” and “786 Rising Star Fund” respectively and Trust Deed and Offering Documents of abovementioned funds has also been amended / updated.
The roots of 786 Investments Limited (Formerly Dawood Capital Management Limited) are truly international and development driven having been co-founded by Asian Development Bank (ADB) who had 25% shareholding. Originally, the company commenced business operations on January 1, 1993 as Pakistan Venture Capital Limited (PVCL) for venture capital financing. In 1999, First Dawood Group took over the management and worked in partnership with ADB. With the dearth of venture investments in 2002, FDG and ADB converted PVCL to the nascent industry of asset management, changing its name to Dawood Capital Management Limited (DCML) to better reflect its new mission and mandate. In 2007, once DCML had PKR 6.9 B assets under management and had achieved the status of a strong player in the industry, ADB divested in order to help fuel other industries in Pakistan. Then, in January 2017, the company name changed from Dawood Capital Management Limited to 786 Investments Limited to better reflect a new vision, mission and principles of the company.