Public subscription of ‘Midland Bank Growth Fund’ has concluded, which is an open-ended mutual fund managed by Midland Bank Asset Management Company Limited.

The subscription period of the fund ended with strong participation from institutional and individual investors, reflecting growing confidence in professionally managed mutual funds and the long-term prospects of the Bangladesh capital market, said a press release.

The Bangladesh Securities and Exchange Commission earlier approved the prospectus of the Midland Bank Growth Fund under the Bangladesh Securities and Exchange Commission (Mutual Fund) Rules.

Midland Bank PLC is sponsor of the fund, while Midland Bank Asset Management Company asset manager.

Sandhani Life Insurance Company Limited is serving as trustee of the fund and Commercial Bank of Ceylon PLC as custodian.

The fund was launched with a target initial size of Tk 250 million. Midland Bank, as sponsor, contributed Tk 25 million, while the remaining amount was mobilised through public subscription.

The face value of each unit of the fund is Tk 10.

Following the closure of the initial subscription, investors will be able to buy and surrender units of the fund at the prevailing Net Asset Value in accordance with applicable rules and regulations.

As per the release, the Midland Bank Growth Fund aims to achieve long-term capital appreciation through investments in fundamentally strong listed shares, government securities, money market instruments and other approved financial assets.

The fund will pursue a disciplined and research-based investment approach focusing on sustainable growth, portfolio diversification and prudent risk management.

Mohammad Samir Uddin, chief executive officer of Midland Bank Asset Management Company, said, ‘We are sincerely grateful to the investors, institutions and all stakeholders for the confidence they have placed in the Midland Bank Growth Fund. The successful closure of the subscription demonstrates the increasing awareness and acceptance of professionally managed investment products among investors in Bangladesh.’

He further said, ‘MDB AMC remains committed to maintaining the highest standards of professionalism, governance and transparency while creating long-term value for investors through disciplined investment management.’