Karachi: UBL Fund Managers Limited has announced a temporary suspension in the issuance of new units for the UBL Growth and Income Fund (UGIF) and Al Ameen Islamic Aggressive Income Fund (AIAIF), effective from August 13, 2024. This decision, aimed at protecting the interests of current investors, will remain in place until further notice.

The suspension applies to both new unit issuances and conversions into UGIF and AIAIF. This measure follows the stipulations of clause 13.5.1 of the Trust Deed and clauses 4.11.2 and 4.10.2 of the Offering Documents for the respective funds.

According to information available from the Pakistan Stock Exchange (PSX), the management company has ensured that despite the suspension, they will continue to process redemptions and conversions out of the funds for existing investors. This move is in compliance with the regulatory requirements to keep the Securities and Exchange Commission of Pakistan (SECP) and the trustees informed of significant changes affecting fund operations.

This temporary measure by UBL Fund Managers underscores their commitment to maintaining fund stability and safeguarding investor interests during periods of adjustment.