The Board of Directors of Crosby Asset Management (Pakistan) Limited, in its meeting held on July 7, 2010 announced the following dividends for the Funds under management:
Crosby Dragon Fund: Bonus dividend of Rs.20.00 per unit (20% of face value of Rs.100)
Crosby Phoenix Fund: Bonus dividend of Rs.7.45 per unit (7.45% of face value of Rs.100)

Notice is hereby given that the meeting of the Board of Directors of the Management Company of Crosby Dragon Fund and Crosby Phoenix Fund is being held at 10th Floor, PRC Towers, M.T Khan Road, Karachi, 3:00 PM, on Saturday, February 20,2010 to approve the Accounts of Crosby Dragon Fund and Crosby Phoenix Fund for the half-year ended December 31,2009.

Queries may be addressed to: cs.pk@crosby.com

Syed Adnan Abdali
Company Secretary

On January 29, 2010, Crosby Asset Management (Pakistan) Limited (CAMPL), AMZ asset Management Limited (AMZAML), and the Central Depository Company of Pakistan Limited (CDC), signed a tripartite agreement officially transferring management rights of the AMZ Plus Income Fund (APIF) from AMZAML to CAMPL in the presence of CDC, the Trustee of the APIF. This has taken place after due approval from the Securities and Exchange Commission of Pakistan and encouraging current APIF investor support. With this, the takeover is now complete and CAMPL now claims the APIF as a fund under its management.

Anyone who may have questions about this transaction may call the CAMPL Client Relations Department at 021.111.369.111 anytime between 9.30am and 5.30pm, or email us at cs.pk@crosby.com.

Syed Adnan Abdali

Download the Press Release (136KB)

Crosby Asset Management (Pakistan) Limited, the Management Company of the Crosby Dragon Fund (CDF), has, with the approval of the Securities and Exchange Commission of Pakistan, changed the Trustee of CDF from JS Bank Limited to Central Depository Company of Pakistan Limited, as allowed under clause 15.3 of the Trust Deed of CDF and Regulation 42(3) of the NBFC & NE Regulations 2008. The Supplemental Trust Deed was signed on December 11, 2009 and the effective date for change of Trustee is December 30, 2009.

Kindly also note that all cheques for investment in CDF shall now be made in the name of “CDC-Trustee Crosby Dragon Fund”.

Thank you.

Syed Adnan Abdali
Company Secretary

Unit Holders of the Crosby Dragon Fund and the Crosby Phoenix Fund are hereby informed that Financial Statements for the quarter ending September 30, 2009 and every subsequent quarter will be available at the company website (www.crosby.com.pk). Printed copies will be provided within one week on the basis of written requests sent to the below-mentioned address.

September 29, 2009
Syed Adnan Abdali
Company Secretary

FINAL DIVIDEND FOR THE FINANCIAL YEAR ENDED JUNE 30, 2009 FOR THE UNIT HOLDERS OF CROSBY DRAGON FUND & CROSBY PHOENIX FUND

The Board of Directors of Crosby Asset Management (Pakistan) Limited, in its meeting held on July 7, 2009 announced the following dividends for the Funds under management:

Crosby Dragon Fund: Nil.

Crosby Phoenix Fund: Bonus dividend of Rs. 1.65 per unit as units of the same fund. This means that for every 100 units of the Crosby Phoenix Fund held by an investor, he/she will receive 1.65 additional units of the Crosby Phoenix Fund.

This is to inform that the Meeting of the Board of Directors of Crosby Asset Management (Pakistan) Limited has been scheduled for 6:00 PM on Tuesday, 07 July 2009 to determine the entitlement of distribution, if any, to the Unit Holders of Crosby Dragon Fund and Crosby Phoenix Fund. The meeting will be held at 10th Floor, PRC Towers, M. T. Khan Road, Karachi.

The Unit Holders of Crosby Dragon Fund (CDF) and Crosby Phoenix Fund (CPF) are hereby informed that the Register of Unit Holders will remain closed from Wednesday, 01 July 2009 to Tuesday, 07 July 2009, both days inclusive.

The authorized branches of Distribution Companies will receive applications for sale, redemption, transfer and pledge of units up to June 30, 2009. Unit Holder(s) whose name(s) appear in the Register at close of business on 30 June 2009 will be entitled to dividend/bonus, if any, declared for the year ending 30 June 2009. Transaction in units will recommence from Wednesday, 08 July 2009.

Unit Holders are requested to notify any change in address to the concerned Registrar, on the following addresses:

For Crosby Dragon Fund
Technology Trade (Private) Limited
Dagia House,
241-C, Bock-2, P.E.C.H.S.,
Shahrah-e-Quaideen, Karachi

For Crosby Phoenix Fund
Crosby Asset Management (Pakistan) Limited,
10th Floor, P.R.C. Towers,
M.T. Khan Road, Karachi

Company Secretary
Crosby Asset Management (Pakistan) Limited

 

After over 9 months of economic upheaval in the financial markets, Crosby Asset Management (Pakistan) Limited is set to launch the first open-end fund for the current financial year.

Crosby Phoenix Fund, an income fund, is also the first fund to be categorized in compliance with the latest classification procedures and practices announced by the Securities and Exchange Commission of Pakistan on March 6, 2009.

The Crosby Phoenix Fund’s primary objective is to provide investors with a reasonable rate of current income along with the aim of preservation of capital.

The Central Depository Company of Pakistan has been appointed as the Trustee of the Fund, which will be distributed through the Management Company's strong network of distribution alliances including banks, brokerage houses, specialized fund distribution companies, and financial consulting firms.

About the Company: Crosby Asset Management Pakistan is Pakistan's first and only completely internationally-owned asset management company, currently managing one open-end fund: the Crosby Dragon Fund, which has yielded the highest returns in terms of NAV appreciation over the last two financial years. Visit our website (www.crosby.com.pk) for updates, information, latest financial reports, and investment forms, as well as a list of distributors thru whom you may invest. To contact us with any queries, please call 021-111-369-111.

 

Amendments in Offering Document & Trust Deed of Crosby Dragon Fund (CDF)

Download the full document: PDF, 99KB

 

Notice For Continuation Of Suspension In Dealing Of The Crosby Dragon Fund

With effect from December 15, 2008, the floor at the Karachi Stock Exchange has been removed. However, due to the lower circuit breaker of 5%, there has been virtually no trading volume in the market since the removal, negatively affecting price discovery of equity securities. The Net Asset Value of the Crosby Dragon Fund (Fund), calculated on the basis of these prevailing prices, will hence not be truly reflective of the fair value of the Units of the Fund.

In light of these extraordinary circumstances, to safeguard the interest of the Unit Holders, the Management Company of the Fund has decided to continue with the suspension of the pricing, issuance, and redemption of Units of the Fund until further notice. The Management Company is taking this measure based on the powers conferred upon it in Clause 57(8) & (9) of the Non-Banking Finance Companies and Notified Entities Regulations, 2008, Clause 23 of the Fund’s Trust Deed and Clause 6.12 of the Fund’s Offering Document. The Trustee of the Fund and the Securities and Exchange Commission of Pakistan have been duly notified of said suspension.

We hope that we shall be able to resume issuance and redemption of Units in the Crosby Dragon Fund within the next few days as soon as the trading volumes at the KSE are adequate enough to lead to fair valuation of equity securities. This continuation of suspension is to safeguard the interest of all our Unit Holders, and this Notice is for the information of all interested parties. Kindly contact our Investor Services Department in case of any queries.

Syed Adnan Abdali
Company Secretary
December 17, 2008

Download this notice [PDF 97KB]

 

Notice of Suspension of Issuance and Redemption of Units in the Crosby Dragon Fund

In compliance with Circular No.23 of 2008, letter No. NBFC/MF-Misc/808/2008 dated October 7, 2008, issued by the Securities and Exchange Commission of Pakistan (SECP), Crosby Asset Management (Pakistan) Limited hereby suspends pricing, issuance, and redemption of units for the Crosby Dragon Fund, with effect from October 8, 2008. The relevant Circular is attached and outlines that the SECP has deemed appropriate such suspension for mutual funds with direct exposure to equity securities. Normal dealings in the Crosby Dragon Fund will resume three business days after the Floor is removed at the stock exchanges, as per Directives given in the SECP.

Please do note that MUFAP's proposal and SECP's subsequent approval of suspending these transactions is in the best interest of unit holders as, in the event of facing redemption requests, equity funds have to sell part of their portfolio and the stocks held in the funds' portfolios cannot be valued with accuracy.

Any such action, therefore, is detrimental to the funds and, hence, will be detrimental to all remaining unit holders. As stated above, once transactions resume, rest assured that all activity will be normally occurring and unit holders will be able to, once again, carry out purchase and repurchase at their discretion.

For any queries, feel free to contact us at 111-369-111 or pakistan.info@crosby.com

View/Download Circular 23 of 2008 - Suspension of Dealing (PDF, 136KB)

 

Crosby Phoenix Fund Trust Deed Signed

Crosby Asset Management (Pakistan) Limited and First Dawood Investment Bank Limited signed the Trust Deed of the Crosby Phoenix Fund on Tuesday, August 26, 2008.

The Trust Deed of the Crosby Phoenix Fund was signed by the CEO of Crosby Asset Management Pakistan, Mr. Amer Maqbool and by Mr. Rafique Dawood, Chairman and CEO First Dawood Investment Bank Limited.

We at Crosby carry forward our oriental roots by naming our second fund Crosby Phoenix Fund. In Asia the mythical bird Phoenix represents capacity for vision, for collecting sensory information about the environment and the events folding within it. It is a symbol of high virtue, foresight and prosperity.

Crosby Phoenix Fund is a fixed income fund that will aim to offer competitive rates or returns with an aim for preservation of capital by investing in short, medium and long term instruments, both within and outside Pakistan. The fund will predominantly hold short term instruments and investments with a view to take advantage of the higher interest rates prevailing in the present scenario.

About the companies:
Crosby Asset Management (Pakistan) Limited is Pakistan’s first and only completely independent and international asset management company. The company currently manages one fund, the Crosby Dragon Fund, which is amongst the higher performing equity funds in its peer group for the past two years. The fund yielded the highest returns over the past two years in the open end equity funds category. During the financial year 2007-08, the Crosby Dragon Fund posted a 35.1% return.

The company is owned by Crosby Asset Management Inc, a firm listed at the London Stock Exchange (AIM), with head offices in London, Hong Kong and Singapore. The company has over USD 2.5 billion in Assets under Management for over 600 clients in 55 countries through its various businesses.

First Dawood Investment Bank Limited is listed on the Karachi Stock Exchange and is licensed by the Securities and Exchange Commission of Pakistan to provide Leasing facilities, Investment Finance Services. First Dawood Invesment Bank Ltd. is one of the largest listed Investment Banks in Pakistan. The company has an established Trustee Services in addition to other services already permitted by the SECP.

Dated: August 26, 2008

 

Press Release
July 11, 2008

The Board of Directors of Crosby Asset Management (Pakistan) Limited in their meeting held on July 11, 2008, announced a bonus dividend of Rs. 30 per unit for the unit holders of the Crosby Dragon Fund (CDF). The dividend is 30% of par value and the dividend yield comes to 23.89%. Over all, CDF showed a return of 35.02% over its NAV.

An investor holding 100 units as on June 30, 2008 will receive 21.48 units at the Net Asset Value of Rs. 139.64 each. The same bonus payout will apply to Unit Holders in proportion to their actual holding in units.

Also, in the financial year 2007, CDF has shown a positive performance of 35.02%, whereas the benchmark KSE 100 declined by 10.77%.

CDF is the largest equity funds in the private sector with its net assets increasing by over 160% to reach 3.5 billion at June 30, 2008 as compared to 1.34 billion as at June 30, 2007.

For the second year running, Crosby Dragon Fund has consistently outperformed all other open end equity funds. During the year the fund was assigned a 5-star rating.

At a press briefing held in Karachi today, the Chief Executive Officer, Amer Maqool of Crosby Asset Management (Pakistan) Limited said that the company has just undergone a strategic internal restructuring and induction of new team members that will add strength to the company and help take it forward. He also stated that the company is committed to providing innovative, value driven and competitive products and services aimed to enhancing and improving the lives of its customers.

 

Notice of Extension in Book Closure - Crosby Dragon Fund (CDF)

The Unit holders of Crosby Dragon Fund (CDF) are hereby informed that, due to some the
unavailability of some directors at last minute, the book closure for CDF has been extended by one additional week. The Register will now remain closed from Tuesday, July 1, 2008 to Saturday, July 12, 2008 (both days inclusive).

Unit holders are kindly requested note the above mentioned announcement.

Company Secretary
Crosby Asset Management (Pakistan) Limited
July 2, 2008

 

Changes to Offering Document and Trust Deed
Crosby Dragon Fund

Crosby Asset Management (Pakistan) Limited is pleased to inform the Unit Holders of the Crosby Dragon Fund (the Fund) that with effect from June 13, 2008, the following changes are being introduced in the Trust Deed and Offering Document of the Fund, with the approval of the Securities and Exchange Commission of Pakistan:

The Unit Holders will be issued fractional units on all sales, Friday will also be a Subscription Day for sale and redemption of Units and the Offer and Redemption Prices will be rounded to the nearest paisa.

	Clauses in Trust Deed	Clauses in Offering Document
For issue of fractional Units on sale	-	6.1
For rounding of offer and redemption prices by one Paisa	19.1 & 22.2	6.3 (c), 6.3 (d), 8.1 (a) & 8.1 (b)
For making Friday a Subscription Day for CDF	-	6.4 (a)

In case of any query or for further information, please contact us by email at pakistan.info@crosby.com or by phone at 021-111-369-111.

Company Secretary
Crosby Asset Management (Pakistan) Limited
June 6, 2008

 

Notice of Book Closure - Crosby Dragon Fund (CDF)

The Unit holders of Crosby Dragon Fund (CDF) are hereby informed that, the Register of Unit holders will remain closed from Tuesday, July 1, 2008 to Saturday, July 5, 2008 both days inclusive.

The authorized branches of distribution companies will receive applications for sale, redemption, transfer and pledge of units upto June 30, 2008. Unit holders whose name(s) appear in the Register at close of the business on 30 June 2008 will be entitled to dividend/bonus, if any, declared for the year ending June 30, 2008. Transaction in units will recommence from Monday, July 7, 2008.

Unit holders are requested to notify any change in the address to the Registrar, Technology Trade (Pvt.) Limited, Dagia House, 241-C, Bock-2, P.E.C.H.S., Shahrah-e-Quaideen, Karachi.

Company Secretary
Crosby Asset Management (Pakistan) Limited
June 6, 2008