What ICB Asset Management does

ICB Asset Management PLC is Bangladesh's largest state-owned asset management company, operating as a wholly owned subsidiary of the Investment Corporation of Bangladesh (ICB) — a government-owned financial institution. The firm was incorporated on December 5, 2000, under the Capital Market Development Programme led by the Government of Bangladesh and the Asian Development Bank, received its BSEC license on October 14, 2001, and began operations on July 1, 2002. It is licensed under the Mutual Fund Rules, 2001, and is headquartered at Green City Edge, 89 Kakrail, Dhaka. The company manages a diversified product portfolio of 15 open-ended mutual funds and 10 closed-ended mutual funds (25 total), spanning conventional growth funds, pension-focused vehicles, Shariah-compliant Islamic funds, NRB-targeted unit funds, and government-mandated CMSF funds.

Its product surface includes flagship offerings such as the ICB AMCL Unit Fund, Bangladesh Fund, ICB AMCL Islamic Unit Fund, the First through Eighth ICB Unit Funds (CDS-listed), ICB AMCL Pension Holders' Unit Fund, the ICB AMCL Second NRB Unit Fund, and the ICB AMCL Shotoborsho Unit Fund. Supporting services include a Systematic Investment Plan (SIP) with a BDT 1,000 minimum monthly investment, an online investment calculator suite, a Lien facility (up to 80% of redeem value), and a recently launched Online Selling Agent Service Portal (May 2026). The technology stack consists of a web-based investor portal and mobile application, with MFS payment integrations (bKash, Nagad, Ekpay) for retail accessibility. There is no disclosed AI/ML infrastructure.

The business model is asset management fee-driven, generating revenue from management fees on AUM across its 25 funds, plus entry/exit loads, SIP discount mechanics, and dividend distributions to shareholders. Distribution is multi-channel: direct sales at Dhaka HQ, a nationwide selling agent network, the NRBC Bank partnership (1,500+ service points), and digital self-service channels. Customer segments include retail individual investors, Non-Resident Bangladeshis, pension holders, and institutional clients. FY 2024-25 net profit was Tk 48.55 crore (down from Tk 66 crore in FY 2022-23), with a 45% dividend declared. The company employs 11-50 staff and has authorized capital of Tk 1 billion against paid-up capital of Tk 885.93 million.

Name

ICB Asset Management

Legal name

ICB Asset Management PLC.

Website

https://icbamcl.gov.bd

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

11–50 employees

Short description

ICB Asset Management PLC is a Bangladesh-based, state-owned asset manager that operates 25 mutual funds (15 open-end, 10 closed-end) serving retail investors, NRBs, pension holders, and institutions through a nationwide distribution network including an NRBC Bank partnership with 1,500+ service points.

Ownership category

akta.pro rank

Product category

Mutual Fund Management

NAICS

Open-End Investment Funds (525910), Open-End Investment Funds (52591), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Fixed Income Mutual Funds (FSAAAEAB)

Keywords

• Mutual fund management
• Asset management services
• Open-ended funds
• Shariah-compliant funds
• Investment portfolio management

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Others, Technology or R&D, Marketing or Sales

Revenue model

1. Mutual Fund Management Fees: The company earns revenue through management fees charged on assets under management across its open-ended and closed-ended mutual funds. Fees are typically calculated as a percentage of fund assets.
2. Entry and Exit Loads: Sales price and repurchase/redemption price differentials, with potential entry and exit loads applied to transactions. SIP units are issued at a 1% discount from regular sales price. Early SIP termination (before 2 years) incurs a 1% discount penalty.
3. Dividend Distribution: The company distributes dividends to shareholders from net profits. For FY 2022-23, the company declared 100% cash and 50% stock dividend. For FY 2024-25, shareholders approved 40% interim cash and 5% final cash dividend totaling 45%.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

ICB Asset Management PLC manages and operates mutual fund products for individual investors, Non-Resident Bangladeshis (NRBs), pension holders, and institutions, including 15 open-ended and 10 closed-ended mutual funds. The company offers Systematic Investment Plans (SIP), Shariah-compliant Islamic funds, NAV-based unit pricing, and a lien facility against fund holdings, distributed via direct sales, selling agents, and bank partnerships across Bangladesh.

Product overview

ICB Asset Management PLC is Bangladesh's largest state-owned asset management company and mutual fund pioneer. The company operates a diversified portfolio of 15 open-ended mutual funds and 10 closed-ended mutual funds totaling 25 distinct fund products. Open-ended funds include ICB AMCL Unit Fund, ICB AMCL Pension Holders' Unit Fund, Bangladesh Fund, ICB AMCL Islamic Unit Fund, ICB AMCL Converted First Unit Fund, First through Eighth ICB Unit Funds (CDS-listed), ICB AMCL Second NRB Unit Fund, and ICB AMCL Shotoborsho Unit Fund. Closed-ended funds include Prime Finance First Mutual Fund, ICB AMCL Second Mutual Fund, ICB Employees Provident Mutual Fund, Prime Bank 1st ICB AMCL Mutual Fund, Phoenix Finance 1st Mutual Fund, ICB AMCL Third NRB Mutual Fund, IFIL Islamic Mutual Fund-1, ICB AMCL Sonali Bank Limited 1st Mutual Fund, ICB AMCL First Agrani Bank Mutual Fund, and ICB AMCL CMSF Golden Jubilee Mutual Fund. The company also offers investment services including Systematic Investment Plan (SIP) with minimum BDT 1,000 monthly investment, Investment Calculator tools, and Lien facility for loans against fund holdings. All funds are registered with BSEC under the Mutual Fund Rules, 2001.

Differentiator

Problem solved

Functional benefit

Products and services

• ICB AMCL Unit Fund The flagship open-ended growth mutual fund of ICB Asset Management. Perpetual life with unlimited size, sponsored by Investment Corporation of Bangladesh. Suitable for investors seeking diversified capital market exposure.
• ICB AMCL Pension Holders' Unit Fund Specialized open-ended fund designed for pension holders including retired government employees, defense personnel, and private sector employees with recognized provident/pension funds.
• Bangladesh Fund Open-ended growth mutual fund sponsored by the Government of Bangladesh, managed by ICB Asset Management.
• ICB AMCL Islamic Unit Fund Shariah-compliant open-ended growth mutual fund with purification and observation by the Shariah Advisory Board. Invests in halal securities approved by BSEC.
• First ICB Unit Fund CDS-listed open-ended growth mutual fund traded on Bangladesh Stock Exchange. Face value Tk. 10 per unit.
• Second ICB Unit Fund CDS-listed open-ended growth mutual fund traded on Bangladesh Stock Exchange. Face value Tk. 10 per unit.
• Third ICB Unit Fund CDS-listed open-ended growth mutual fund traded on Bangladesh Stock Exchange. Face value Tk. 10 per unit.
• Fourth ICB Unit Fund CDS-listed open-ended growth mutual fund traded on Bangladesh Stock Exchange. Face value Tk. 10 per unit.
• Fifth ICB Unit Fund CDS-listed open-ended growth mutual fund traded on Bangladesh Stock Exchange. Face value Tk. 10 per unit.
• Sixth ICB Unit Fund CDS-listed open-ended growth mutual fund traded on Bangladesh Stock Exchange. Face value Tk. 10 per unit.
• Seventh ICB Unit Fund CDS-listed open-ended growth mutual fund traded on Bangladesh Stock Exchange. Face value Tk. 10 per unit.
• Eighth ICB Unit Fund CDS-listed open-ended growth mutual fund traded on Bangladesh Stock Exchange. Face value Tk. 10 per unit.
• ICB AMCL Second NRB Unit Fund Open-ended fund designed for Non-Resident Bangladeshis (NRB). Perpetual life with unlimited size. Initial size Tk. 115 crore.
• ICB AMCL Shotoborsho Unit Fund Open-ended growth fund launched to honor the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman. Perpetual life with unlimited size. Initial size Tk. 20 crore.
• ICB AMCL Converted First Unit Fund Converted open-ended growth mutual fund. Face value Tk. 10 per unit.
• Prime Finance First Mutual Fund Closed-ended mutual fund managed by ICB Asset Management for Prime Finance.
• ICB AMCL Second Mutual Fund Closed-ended mutual fund managed by ICB Asset Management.
• ICB Employees Provident Mutual Fund One: Scheme One Closed-ended mutual fund for ICB employees' provident fund.
• Prime Bank 1st ICB AMCL Mutual Fund Closed-ended mutual fund sponsored by Prime Bank and managed by ICB Asset Management.
• Phoenix Finance 1st Mutual Fund Closed-ended mutual fund sponsored by Phoenix Finance and managed by ICB Asset Management.
• ICB AMCL Third NRB Mutual Fund Closed-ended mutual fund for Non-Resident Bangladeshis managed by ICB Asset Management.
• IFIL Islamic Mutual Fund-1 Shariah-compliant closed-ended mutual fund managed by ICB Asset Management.
• ICB AMCL Sonali Bank Limited 1st Mutual Fund Closed-ended mutual fund sponsored by Sonali Bank and managed by ICB Asset Management.
• ICB AMCL First Agrani Bank Mutual Fund Closed-ended mutual fund sponsored by First Security Islami Bank and managed by ICB Asset Management.
• ICB AMCL CMSF Golden Jubilee Mutual Fund Closed-ended mutual fund under Capital Market Stabilization Fund initiative, managed by ICB Asset Management.
• Systematic Investment Plan (SIP) Allows investors to invest predetermined amounts at regular intervals (monthly, quarterly, etc.) with minimum BDT 1,000 per month. Minimum tenure of 3 years with auto-debit from bank account.
• Lien Facility Mortgage facility provided to investors allowing loans up to 80% of the opening repurchase value of their mutual fund holdings.

Quantifiable outcome

• Net profit of Tk 48.55 crore for FY 2024-25
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• NRBC BankcoreChannel Partner/ Reseller/ Distributor · 5 November 2023NRBC Bank signed agreement with ICB Asset Management to sell 15 open-end mutual funds as a sales representative. The partnership leverages NRBC Bank's extensive network of over 1,500 service points across Bangladesh. Managing Director & CEO of NRBC Bank Mr. Golam Awlia stated the bank aims to attract customers to various investment products and expects investors will benefit from this agreement.
• ICB Capital Management LimitedcoreOthersICB Capital Management Limited serves as Trustee and Custodian for several ICB AMCL funds including ICB AMCL Shotoborsho Unit Fund and ICB AMCL Second NRB Unit Fund. Located at Green City Edge, 5th & 6th Floor, 89 Kakrail, Dhaka.
• Bangladesh General Insurance Company Ltd.minorOthersBangladesh General Insurance Company Ltd. serves as Trustee for certain ICB AMCL mutual funds. Located at 42, Dilkusha C/A, Dhaka-1000.
• Sandhani Life Insurance Company LimitedminorOthersSandhani Life Insurance Company Limited serves as Trustee for certain ICB AMCL mutual funds. Located at Rajuk Plot No. 34, Sandhani, Padma Life Tower, Dhaka 1205.
• BRAC BankminorOthersBRAC Bank serves as Custodian for certain ICB AMCL mutual funds. Located at Anik Tower, 220/B Tejgaon Gulshan Link Road, Tejgaon, Dhaka-1208.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• EBL Investments Limited: East Bangladesh Bank group asset management arm, one of the larger private Bangladeshi AMCs managing open-ended mutual funds and serving retail, NRB, and institutional segments — competing head-to-head with ICB AMCL.
• LankaBangla Asset Management: LankaBangla group asset management arm operating mutual funds in Bangladesh, offering comparable open-ended products and competing for the same retail and institutional investor base.
• UCB Asset Management Limited: United Commercial Bank group asset manager operating a multi-fund platform in Bangladesh with bank-led distribution — comparable business model leveraging parent-bank distribution to sell open-ended mutual funds.
• CAPM (Capital & Asset Portfolio Management) Limited: Bangladeshi asset management company operating mutual fund products under BSEC regulation, directly comparable to ICB AMCL in fund structure, target clients, and domestic distribution model.
• Shanta Asset Management Limited: Bangladeshi private asset management company operating mutual fund products in Bangladesh, competing with ICB AMCL for retail AUM and institutional mandates within the same regulatory framework.
• LR Global Bangladesh: One of the early private-sector asset managers in Bangladesh managing a multi-fund platform including Islamic funds — direct competitor in the open-ended mutual fund space serving similar retail and institutional clients.
• Vanguard Asset Management (Bangladesh): Bangladeshi asset management company managing multiple open-ended and closed-ended mutual funds, directly competing with ICB AMCL for retail and institutional flows in the same Dhaka-based market with comparable product mix.
• Peninsula Asset Management Limited: Bangladeshi asset management company managing mutual fund products within the same BSEC-regulated framework, directly competing with ICB AMCL in retail and institutional investor segments.
• IDLC Investments Limited: IDLC Finance subsidiary managing mutual funds in Bangladesh with a diversified product lineup including growth, balanced, and Shariah-compliant funds — direct mutual fund peer with similar target segments.
• VIPB Asset Management Limited: Bangladeshi asset management company affiliated with a sponsor bank, offering multiple open-ended and closed-ended mutual funds with both conventional and Shariah-compliant options — direct competitor to ICB AMCL's fund lineup.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/official.icbamcl
• Xx.com/AssetIcb

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICB Asset Management