Press Release
VIS Reaffirms Management Quality Rating of UBL Fund Managers Limited
Karachi, December 30, 2025: VIS Credit Rating Company Limited (VIS) has reaffirmed the Management Quality Rating (MQR) of UBL Fund Managers Limited (‘UBL FM’ or the ‘AMC’) at ‘AM1’ (AM One). The MQR of ‘AM1’ indicates that the asset manager exhibits excellent management characteristics. Outlook on the assigned ratings remains ‘Stable.’ Previous rating action was announced on January 09, 2025.
incorporated in 2001, UBL FM operates as a wholly owned subsidiary of United Bank Limited (UBL), which holds a 98.87% ownership stake in the company. In February 2014, the AMC expanded its operations by establishing a wholly owned subsidiary, Al Ameen Financial Services (Private) Limited. This subsidiary specializes in providing a range of financial services, including the distribution of investment products such as units of Collective Investment Schemes (CIS) and Voluntary Pension Schemes (VPS).
The assigned ratings reflect UBL Fund Managers Limited’s (‘UBL FM’ or ‘the AMC’) position as one of the leading Asset Management Companies in the industry, backed by a strong sponsor profile. The AMC has demonstrated a consistent operational track record, a diversified product portfolio, and prudent risk management practices. As of Sept’25, AUMs reached PKR 317.8 Bn, reflecting steady growth and healthy fund-wise concentration relative to the industry average. However, the AMC saw a slight dip in market share during the period, due to broader industry expansion. The top funds maintained strong quartile positions, underscoring consistent performance relative to peers.
Moreover, UBL FM maintains a healthy retail concentration in AUMs, with expansion in digital footprint, particularly through Al-Ameen Funds, as of Jun’25. The AMC’s investment process remains strategic, with diversified allocations largely across money market and equity funds, supporting portfolio stability and growth. Governance and compliance are strengthened by experienced Shariah advisors for Al-Ameen Funds and strong internal controls across operations.
Overall, the assigned rating reflects UBL FM’s solid market position, consistent fund performance, sound financial profile, and effective risk and compliance framework, supporting its capability to manage existing funds efficiently.
For further information on this ratings announcement, please contact on 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria:
Asset Management Companies
https://docs.vis.com.pk/Methodologies%202024/AMC-Methodology-201906.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf