PICIC Asset Management Company Limited (PICIC AMC) is a wholly owned subsidiary of NIB Bank Limited, which is 88.64% owned by Temasek Holdings - an investment arm of the Government of Singapore. PICIC AMC has the highest authorized capital of Pak Rupees (PKR) 5,000 million and paid-up capital of PKR 3,000 million in the industry. The company is currently managing three closed-end funds and three open ended funds with an investor base of around 40,000 and total Assets Under Management of PKR 15,943 million as of November 30, 2012. PICIC AMC is managing the largest equity portfolio in Pakistan market after the state owned National Investment Trust and is expected to launch the Islamic fund series by end of this calendar year. As of today, the total distribution by Funds managed by PICIC AMC stands at PKR 14.458 billion; out of this total PKR 13.856 billion represents distribution by Closed End Funds and  PKR 0.602 billion (USD6.364mn) represents distribution by Open Ended Funds. PICIC AMC is also licensed for investment advisory services for customized discretionary and non-discretionary portfolio mandates. The company has been rated AM2- by JCR-VIS which denotes ‘High Management Quality’.