About Us
HBL Asset Management Limited (HBL AMC) is a wholly owned subsidiary of HBL, the largest commercial bank in Pakistan. The Company was incorporated in February, 2006 as a Public Limited Company under the Companies Ordinance 1984. It was licensed for Investment Advisory and Asset Management Services by the Securities and Exchange Commission of Pakistan in April, 2006.
The Company launched its first fund in 2007 and has developed a track record of strong and consistent growth over the past decade. With a nationwide footprint of retail and corporate clients, HBL AMC is one of the largest private fund management company in the country. During the year 2016, HBL AMC acquired PICIC Asset Management Company Limited, which subsequently merged into HBL AMC.
We are managing 20+ funds comprising of Mutual Funds, Exchange Traded Funds and Pension Funds.
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Balance Sheet & Income Statement
HBL Asset Management Limited is an unlisted company that does not require to publish Financial Statement on the Company website or in any other form.
Membership of Industry Associations and Trade Bodies:
Mutual Funds Association of Pakistan.
SECP License Numbers
February 22, 2023
Investment Advisory Services:
SECP/LRD/LD/15/AMCW/HBLAML/2022-77
Asset Management Services:
SECP/LRD/LD/15/AMCW/HBLAML/2022-78
Legal Advisor
Mandviwalla & Zafar, Advocates and Legal Consultants.
Size of Company
HBL Asset Management Limited is a medium medium-size company.
Auditor of HBL Asset Management Limited
A.F. Ferguson & Co. Chartered Accountants.
Share Registrar
THK Associates is the registrar of Converted Funds.
National Tax Number
2605502-3
Company Registration Number
0053969
HBL AMC Fund NTNs
| S.No | Name of Fund | NTN |
| 1 | HBL Income Fund | 2840798-9 |
| 2 | HBL Stock Fund | 2975960-9 |
| 3 | HBL Multi Asset Fund | 3042961-7 |
| 4 | HBL Money Market Fund | 3639098-4 |
| 5 | HBL Islmaic Stock Fund | 3787847-6 |
| 6 | HBL Islamic Money Market Fund | 3791668-8 |
| 7 | HBL Pension Fund | 3911828-2 |
| 8 | HBL Islamic Pension Fund | 3902919-7 |
| 9 | HBL Islamic Asset Allocation Fund | 7158950-8 |
| 10 | HBL Financial Planning Fund | 7461157-4 |
| 11 | HBL Islamic Financial Planning Fund | 7461053-8 |
| 12 | HBL Growth Fund | 2151759-2 |
| 13 | HBL Investment Fund | 2130640-7 |
| 14 | HBL Energy Fund | 2515114-2 |
| 15 | HBL Government Securities Fund | 3608315-1 |
| 16 | HBL Cash Fund | 3658579-3 |
| 17 | HBL Equity Fund | 2689440-8 |
| 18 | HBL Islamic Equity Fund | 4267935-4 |
| 19 | HBL Islamic Income Fund | 4290366-1 |
| 20 | HBL Financial Sector Income Fund | 4613550-2 |
| 21 | HBL Tec Exchange Traded Fund | 9772454-2 |
| 22 | HBL Mehfooz Munafa Fund | 9772210-1 |
| 23 | HBL Livestock Fund | 8119792-2 |
Vision and Mission
Our Values
Our values are based upon the fundamental principles that define our culture and are brought to life in our attitude and behavior. Our values make us unique and stem from five basic principles.
Progressiveness
We believe in the advancement of society through the adoption of enlightened work practice's, innovative new products and processes and a spirit of enterprise.
Integrity
We are an Asset Management Company, operating in Pakistan and our success depends upon the performance of the funds which are under our management. Our investors and society in general, expect us to possess and adhere to high moral principles and professional standards.
Customer Focus
We need to understand fully the needs of our investors and to adapt our products and services to meet these needs. We must strive always to put the satisfaction of our investors first.
Meritocracy
We believe in giving opportunities and advantages to our employees on the basis of their ability. We believe in rewarding achievement and in providing first class career opportunities for all.
Excellence
The markets in which we operate are becoming increasingly competitive and our investors now have an abundance of choice. Only through being the very best - in terms of the service we offer, our products and premises can we hope to be successful and grow.
Board of Directors
Mir Adil Rashid
Chief Executive Officer
Mir Adil Rashid
Chief Executive Officer
Mr. Mir Adil Rashid possesses rich and diversified experience of approximately 20 years of portfolio management, brokerage along with managing retail & institutional client relationships and investment portfolios. He has previously served as Chief Executive Officer of erstwhile PICIC Asset Management Company Limited for 6 years which has since been merged with and into HBL Asset Management Limited in 2016.
Mr. Khalid Malik
Director
Mr. Khalid Malik
Director
Mr. Khalid Malik is a Senior Chartered Accountant and is main sponsor/certificate holder of First UDL Modaraba (Listed on the Pakistan Stock Exchange) and is currently serving as the Sponsor/Consultant for the First UDl Modaraba. He is also serving as the Chief Executive Officer of SASL Trading (Pvt) Ltd since 2006. In addition to HBL Asset Management Limited, he is also serving on the Board of UDL Pharmaceuticals Pakistan (Pvt) Limited since 2012. In the past he has also served on the Boards of Searle Pakistan Limited, United Distributors Pakistan Limited, IBL Healthcare Limited, Gillette Pakistan Limited, Unisys Pakistan Limited and United Brands Limited.
Mr. Abid Sattar
Director
Mr. Abid Sattar
Director
Mr. Abid Sattar has the distinction of being one of the most successful bankers who, over the last 40 years has worked in Corporate, Institutional and Consumer banking with leading Multinational and Local banks, domestically and internationally. Mr. Sattar has established himself as a thought leader and a change agent who has the ability to look through the wide lens and at the same time narrow down to critical issues and opportunities to deliver exceptional and sustainable results.
In his roles as President and CEO of Askari Bank, Mr. Sattar has delivered records earnings in all three years by building a top of class management team and focusing on critical areas including, new business, operational efficiencies, roll out of latest technology and strong and business savvy Risk Management.
Prior to joining Askari Bank Ltd., in August 2018 he was based in Singapore heading International Business for Asia and Africa Regions for Habib Bank Ltd. During his previous assignments at HBL Pakistan, he has held positions of Head of Global Operations and Head of Retail and Consumer Banking. In his role of Retail and Consumer head, Mr. Sattar successfully completed the transformation of the retail bank (post privatization) and created a new model for Consumer and Retail Bank – that later became the market norm. His earlier experience includes senior level positions with Citibank, Standard Chartered and Chase Manhattan Banks.
Mr. Sattar has proven track record of leading and building efficient and excellent teams. He is well known for hiring talent, maintaining highest standards of compliance while expanding and growing businesses. He has been part of Business transformation teams post-merger of ANZ Grindlays Bank and Standard Chartered Bank (2001-05) and HBL post privatization (2006-10) which provided rich experience in building highly motivated team and profitable businesses.
He holds Masters in Economic and Politics of Development from Cambridge University, UK and is a Gold Medalist in MBA Finance from the Punjab University, Lahore.
Tariq Masaud
Director
Tariq Masaud
Director
Mr. Tariq Masaud is Chief Risk Officer of Habib Bank Limited. A seasoned banker with over 25 years of work experience in Pakistan and abroad during association with Citibank in different capacities since 1996. He has held senior roles in Corporate Banking and Risk functions at Citibank during his career. He headed Corporate and Investment Banking in Jordan and Kuwait, and managed Citibank’s Risk function for West and Central Africa cluster from Nigeria, where he also served on the Board of Citibank Nigeria. He subsequently moved to Kenya to manage the Risk organization for most Sub-Saharan Africa branches of Citibank. He then moved within Citibank to USA in 2015 to cover the Energy portfolio and became the Global Head for Risk Policy covering the Institutional Clients Group in 2018.
Mr. Tariq holds a Master’s degree in Economics Policy from the University of London and an MBA from LUMS. He is also a founder member of South Asian Association of Bankers in North America. He has been involved in the development of curricula for bankers in Africa and an Assessor for the Senior Credit Officers evaluation training at Citi.
Ava A. Cowasjee
Director
Ava A. Cowasjee
Director
Ms. Ava Ardeshir Cowasjee is a prominent person in the shipping industry of Pakistan. She did her schooling at Convent of Jesus and Mary, Karachi, and higher education at Roedean School, England. Thereafter she pursued Management training at Hyde Park Hotel, London, Intercontinental Hotel, Karachi, and got her diploma in Hotel Management from the Ecole Hotelier, Switzerland. She worked as Manager, Manpower Development at Intercontinental Hotel, Karachi, for four years before joining the family business.
Rayomond Kotwal
Director
Rayomond Kotwal
Director
Mr. Rayomond Kotwal is an experienced professional with over 31 years of experience and the last 25 years in financial services. He has worked as Chief Financial Officer with United Bank Limited, NIB Bank Limited, Citibank NA and Citi Cards Canada Inc., and with ICI Pakistan Limited and Standard Microsystems Corporation, NY in a variety of roles. Currently, Mr. Kotwal is the Chief Financial Officer of Habib Bank Limited. Mr. Kotwal holds a Masters in Business Administration (Finance) from the Institute of Business Administration, Karachi, Pakistan, and a BS and MS in Electrical Engineering from the Massachusetts Institute of Technology, Cambridge Massachusetts (USA). At present Mr. Kotwal is also on the board of First MicroFinance Bank as its Chairman and a member of the Board at Habib Allied Holdings Limited – UK and Pakistan Parkinson’s Society.
Abrar Ahmed Mir
Director
Abrar Ahmed Mir
Director
Mr. Abrar Ahmed Mir is an engineer and MBA from Illinois Institute of Technology, Chicago, IL, USA. He has extensive experience in ecommerce, fintech and innovative financial products.
He is currently working as Chief Innovation & Financial Inclusion Officer at Habib Bank Limited. Prior to that Mr. Mir has been associated with UBL from 2003 to 2015 with his last assignment being SEVP – Group Executive, Banking Products Group. During his long association with UBL he has led Mobile Payments, Branchless & e-Banking including the launch of UBL-Omini.
Mr. Shahid Ghaffar
Chairman
Mr. Shahid Ghaffar
Chairman
Mr. Shahid Ghaffar has extensive experience of fund management in Pakistan. He has served as Managing Director of NIT, one of the biggest Asset Management Company in the Country. Previously He has been associated with Habib Bank Limited as Head of Investor Relations & Corporate Representation. He has also served as Chief Executive Officer of HBL Asset Management Limited for over six year 2005-2012. He has vast experience of working in capital markets including monitoring of projects, the debt/fixed income portfolio, the equity portfolio and trading desk. Mr. Ghaffar served as the first non-member Managing Director of Karachi Stock Exchange (KSE) for over 2 years during the period 1998-2000 and was instrumental in introducing effective risk management systems at KSE. He has also served as Executive Director / Commissioner (Aug.2000-Nov.2005) at the Securities and Exchange Commission of Pakistan and actively participated in the successful implementation of wide ranging reforms in the capital market. Mr. Ghaffar holds an MBA Degree from Gomal University, D.I.Khan, Khyber Pakhtunkhwa (formerly NWFP), Pakistan.
Management Team
Mir Adil Rashid
Chief Executive Officer
Mir Adil Rashid
Chief Executive Officer
Mr. Mir Adil Rashid possesses rich and diversified experience of approximately 20 years of portfolio management, brokerage along with managing retail & institutional client relationships and investment portfolios. He has previously served as Chief Executive Officer of erstwhile PICIC Asset Management Company Limited for 6 years which has since been merged with and into HBL Asset Management Limited in 2016.
Muhammad Ali Bhabha
Chief Investment Officer (CIO)
Muhammad Ali Bhabha
Chief Investment Officer (CIO)
Mr. Bhabha has over 26 years of experience across the financial sector with sound exposure in Fund Management, Risk Management, Relationship Management, Islamic Banking, Foreign Trade and Operations. He has been previously associated with leading organizations such as MCB Bank, Faysal Bank, Habib Metropolitan Bank, Al-Meezan Investment and NBP Funds. In his last role, he served as the Head of Fixed Income at NBP Funds.
Mr. Bhabha is a Chartered Financial Analyst (CFA) and a certified Financial Risk Manager (FRM). He also holds an MBA in Banking & Finance and an MS in Computer Science.
Muhammad Ali Ansari
Country Head Retail
Muhammad Ali Ansari
Country Head Retail
Mr. Muhammad Ali Ansari has been working in the financial sector for more than 20 years and has extensive hands-on experience in managing Conventional & Islamic Branch Banking, Business Development Channels, Commercial/ SME financing, Consumer Assets and Wealth Management Businesses in Retail Banking. Having previously served in various senior Retail Banking roles at ABN AMRO, RBS & Faysal Bank, Ali’s was serving as Group Head, Business Distribution at MCB Islamic Bank before joining HBL Asset Management as Country Head, Retail.
Noman Qurban
CFO and Company Secretary
Noman Qurban
CFO and Company Secretary
Mr. Noman Qurban is a Chartered Accountant from the Institute of Chartered Accountant of Pakistan (ICAP). He has been working with the Company for the last five years. Prior to joining HBL Asset Management, he was working with a large brokerage house, looking after the Financial Reporting and Budgeting & Planning functions of the Company. He completed his training with A.F.Ferguson & Co Chartered Accountants; a member firm of Pricewaterhouse Coopers. During his association with PwC he worked in the Assurance and Business Advisory Services of the firm performing audits of several Companies in various sectors including, mutual funds, banks, DFIs, oil and gas, steel, textile companies of Pakistan.
Anis ur Rahim
Head of Customer Experience
Anis ur Rahim
Head of Customer Experience
Mr. Anis holds 25 plus years of experience in the financial & non-financial sector with sound exposure in wealth management, digitization, product and customer management with both local & overseas organizations. He has held senior positions in First Abu Dhabi Bank, Dubai Islamic Bank, TUV Rheinland Gulf LLC etc. Most recently Anis has served as Managing Director of Archiving & Data Solutions Ltd. In Pakistan.
Ivan N. Johns
Head of HR
Ivan N. Johns
Head of HR
Mr. Johns is a Certified HR practitioner with over 24 years of progressive experience in the field of Human Resources Management having been associated with both multinational & local Banks in Pakistan i.e. Citibank N.A., NIB Bank Ltd. & MCB Bank Ltd. with a proven track record of delivering sustainable Human Capital interventions to support Organizational growth.
He was a critical member of the team to setup up the Human Resource framework within NIB, having not only setup but also spearheaded every critical function within HR be it Reward Management, Talent Acquisition, Talent Management, Learning & Development etc. including heading the entire function as Group Head Human Resources. He has also been an avid trainer in the area of Management development, performance management, change management, employee engagement etc. to name a few.
Mr. Johns holds an HR Certification from the Centre of Labour Market Studies – UK as well as a Level 5 Certification in HR from the Chartered Institute of Professional Development (CIPD) – UK.
Muhammad Asif Paryani
Head of Compliance
Muhammad Asif Paryani
Head of Compliance
Mr. Muhammad Asif Paryani has a long and rich experience spanning over 18 years in the legal, financial & regulatory sector. He joined the HBL Asset Management Limited (HBL-AMC) in April 2022 as Head of Compliance. He is a fellow member of the Institute of Cost and Management Accountants of Pakistan (ICMAP) & Institute of Forensic Experts (IFE) and holds LLM degree (with specialization in Corporate Laws).
Prior to joining HBL AMC, Asif was serving as Joint Director at the Securities & Exchange Commission of Pakistan (SECP) wherein he had been involved in the supervision of Insurance Companies, SROs (including PSX, CDC & NCCPL) & all the stock brokers, onsite/offsite inspections/enquiries/investigations/enforcement of NBFC’s (including AMCs, Mutual/Pension Funds, Leasing & Modarabas).
Asif was selected as Rising Star of Corporate Governance for the year 2013 by the Millstein Governance Forum at Columbia Law School. He was also selected as ICGN (International Governance Network) – Deloitte Scholar during the year 2013- 2016. He was also a member of the Business Ethics Committee of ICGN during the years 2014 – 2016.
Asif is a recognized CSR, Corporate Governance and AML/CFT Specialist and meticulously understands the dynamics of capital markets in Pakistan.”
Salman Munir Malik
Head of IT
Salman Munir Malik
Head of IT
Mr. Salman Munir Malik brings in over 19+ years of diversified experience in the field of Software Engineering and IT Project Management with expertise in financial (Banking) paradigms including Core Banking, Branchless Banking, Financial / non-financial integrations, Digital Financial Ecosystem, and various other auxiliary systems. He is skilled in information system analysis, architecture design, planning, implementation, integration, customization and post implementation phases and transforming organizations from waterfall methodology to agile.
Prior to joining HBL Asset as the Head of IT, Mr. Munir was associated with Faysal Bank as a senior project manager where he was responsible for spearheading the loan management system, Digital Mall- Faysal Bank Ecommerce Market Place and business process management platform. Previously, Mr. Malik worked for National Bank of Pakistan, where he grew in his role over time taking over various responsibilities such as Software Project Management, Software Licensing and SSL certificates, evaluation of Technical proposals and offers, Project Risk Assessments and risk mitigation activities, Business Process Improvement (BPI), Business process management (BPM) and so on.
Mr. Munir has an MCS from the Punjab Institute of Computer Science, Lahore. He also holds various Certifications including Oracle E-Business Suite and PMP together with various professional trainings for APIGEE Developer & Infrastructure, Software Analysis & Design and CMMI Level 5.
Asher Matloob
Head of Internal Audit
Asher Matloob
Head of Internal Audit
Mr. Asher Matloob is currently working as Head of Internal Audit in HBL AML. He has more than 15 years of working experience in Compliance, Audit, Internal Audit, Due Diligence Assignments etc. Previously, he was working as Head of Compliance and Internal Audit in PICIC Asset Management Company for almost 4 years. In this position, his job objective is to ensure that all business activities of the organization are carried out in accordance with the applicable laws and internal policies of the company and to provide value additions in the form of giving suggestions to improve the accounting and internal control system of the organization. He was also working with UBL Fund Managers Ltd for almost 5 years as Manager –Internal Audit and Compliance.
Asher is a qualified Cost and Management Accountant (ACMA) from Institute of Cost and Management Accountant of Pakistan and Certified Internal Auditor (CIA) from Institute of Internal Auditors-USA. He has also passed the relevant ICM certifications and is also an associate member of Pakistan Institute of Public Financial Accountant. He has completed article ship from Deloitte Touché Tohmatsu, one of the leading accounting firms of the world.