Separate panels to look into assets of three mutual funds

The Bangladesh Securities and Exchange Commission (BSEC) has formed three separate committees to look into the assets of three fund managers: LR Global Bangladesh, Race Asset Management and ICB Asset Management.

The committees are ordered to submit reports within 30 trading days.

The stock market regulator formed the committees amid criticism when a news got circulated that UFS Asset Management has embezzled Tk 158 crore from investors’ funds.

The committees will investigate whether the funds’ asset is shown properly and whether the income from the investment of the assets came properly.

A three-member committee will investigate the ICB Asset Management’s funds while two other five-member committees will investigate the funds of LR Global Bangladesh and Race Asset Management.