On July 20, 2011, Pakistan-based KASB Funds Limited announced an acquisition deal with Crosby Asset Management (Pakistan) Limited which merges Crosby with and into the KASB enterprise.
On July 20, 2011, Pakistan-based KASB Funds Limited, announced the completed acquisition of fund manager Crosby Asset Management (Pakistan) Limited for an undisclosed amount. Under the terms of the agreement, Crosby will transfer to KASB the rights to manage Crosby Dragon Fund, Crosby Phoenix Fund and AMZ Plus Income Fund. The deal is expected to result in administrative cost savings and economies of scale for KASB, as well as more diversified products for its retail and institutional customers. The financial terms of the deal, which has been approved by the Securities and Exchange Commission of Pakistan, were not disclosed.
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