Press Release

VIS Reaffirms Management Quality Rating of HBL Asset Management Limited

Karachi, December 31, 2025: VIS Credit Rating Company Limited (VIS) has reaffirmed the Management Quality Rating (MQR) of HBL Asset Management Limited (‘HBL AMC’ 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 December 31, 2024.

Headquartered in Karachi, HBL AMC operates as a wholly owned subsidiary of Habib Bank Limited (HBL), the largest commercial bank in Pakistan by deposit base. Leveraging a strong brand reputation and an extensive track record spanning over 19 years in the asset management industry, HBL AMC has demonstrated significant growth in its Assets under management during the review period. The AMC currently manages 38 funds as of Sep’25, including Mutual Funds, Exchange-Traded Funds, and Pension Funds.

The assigned rating reflects HBL AMC’s strong governance profile, underpinned by the sponsorship of Habib Bank Limited (HBL). Governance strength is further reinforced by a well-composed and experienced Board of Directors and Board Committees, which provide effective strategic oversight. In addition, the senior management team comprises seasoned professionals with deep industry expertise, supporting the AMC’s operational stability and business growth.

The rating also incorporates the AMC’s sustained market position. As of September 2025, HBL AMC ranked 4th in the asset management industry, with a 9.1% market share. The AMC’s retail client base has expanded, supported by targeted outreach initiatives and improved market sentiment. Ongoing efforts to diversify product offerings, reduce concentration risk, and broaden the retail base indicate a strategic focus on long-term franchise stability. From a ratings perspective, sustaining the current market position while translating these initiatives into improved relative fund performance will remain an important consideration going forward.

For further information on this ratings announcement, please contact at 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

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright December 31, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.