Investment Corporation of Bangladesh (ICB) and seven other state-run financial institutions have launched a $683 million open-ended mutual fund, The Daily Star reports. The Bangladesh Fund will get $204.9 million from the eight financial institutions, while the remaining $478.1 million will be raised from institutions and individuals.
The fund will be managed by ICB Asset Management, while ICB Capital Management will act as the custodian. The state-run financial institutions include Sonali Bank, Janata Bank, Agrani Bank, Rupali Bank, Bangladesh Development Bank, Sadharan Bima and Jibon Bima, adds Bangladesh News 24 hours. The units of the fund will be traded on over-the-counter markets across the country.
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