KARACHI - UBL Fund Managers, a wholly owned subsidiary of UBL, and one of Pakistans leading asset management company, signed the Trust Deeds of its upcoming income funds, 'UBL Savings Income Fund and the Shariah compliant scheme, 'UBL Islamic Savings Fund with CDC Pakistan. The Funds will be opened for public subscription after seeking necessary regulatory approvals from the SECP. An open-end investment scheme, UBL Savings Income Funds primary objective will be to provide investors with competitive returns by investing in a diversified portfolio of fixed income instruments comprising of Government Securities, deposits with high rated banks and other liquid instruments deemed fit by the SECP. UBL Islamic Savings Fund would invest in Shariah-compliant instruments such as Government issued Sukuks and Islamic Bank deposits. According to their mandate, the funds will not hold any investments in Term Finance Certificates (TFCs)/ Corporate Sukuks and neither will they have any exposure to equity markets. Chief Executive of UBL Fund Managers, Mir Muhammad Ali, commented on the occasion saying that the launch of these funds will add to our existing range of income schemes, offering investors more options to meet their investment needs. UBL Savings Income Fund would be ideal for investors looking for capital preservation along with stable growth of their savings while UBL Islamic Savings Fund will cater to investors seeking Halal returns on their investments. UBL Fund Managers is currently managing assets of around Rs 21 billion as of August 30, 2010.