Thursday November 12, 2009

AmInvestment Bank plans four new funds

KUALA LUMPUR: AmInvestment Bank Group plans to launch another three or four new funds during its current financial year ending March 31.

Funds management division chief executive officer Datin Maznah Mahbob said the products would include Islamic and equity funds.

From left: AmInvestment Bank Group equity, asset allocation funds management chief investment officer Andrew Wong, Datin Maznah Mahbob, Allianz Global Investors Singapore Ltd deputy chief executive officer Kwok Keng Han and AmBank (M) Bhd head of retail distribution Brad Gravell at the launch

“To date, we have 47 unit trust funds marketed under the brands of AmMutual (for conventional funds) and AmIslamic Funds Management (for syariah-compliant funds), and two exchange-traded funds under AmInvestment Group Bhd.

“Given the market is doing quite well, we are confident of our plan to launch these (new) products,” she said.

Maznah was speaking to reporters yesterday after the launch of AmBRIC Equity, Malaysia’s first open-ended BRIC Fund (BRIC is the acronym for Brazil, Russia, India and China).

She said total assets under the group’s management, including discretionary mandates, amounted to RM18.1bil as at Oct 31.

On AmBRIC Equity, Maznah said the four countries were fast-growing emerging economies that were expected to be larger than the G7 countries by 2027.

“AmBRIC Equity is specifically created to tap the attractive long-term growth potential in BRIC’s equity markets.

“The fund is suitable for investors seeking participation in the upside potential of BRIC and capital growth on their investments with a long-term investment horizon,” she said.

Maznah added that AmBRIC Equity, which feeds into target fund Allianz RCM BRIC Equity under Allianz Global Investors (AmInvestment’s partner), would invest in global emerging equity markets, focusing on Brazil, Russia, India and China.

“The target fund has a flexible investment approach as it can also invest in companies that derive a significant part of their growth in non-BRIC countries that benefit from BRIC’s growth,” she said.

AmInvestment funds management director (retail funds) Ng Chze How said the bank hoped the fund, which has an approved size of 300 million units, would be fully subscribed in six to 12 months of the launch date.

The minimum investment amount is RM1,000 and the fund is available at RM1 per unit during the 21-day offer period ending Nov 29.

Besides AmBank branches and AmBank Wealth Advisory, the fund is available at AmInvestment’s authorised institutional unit trust advisors comprising CIMB Bank, Hong Leong Bank, Royal Bank of Scotland, Standard Chartered Bank and United Overseas Bank.

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