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Published: Monday November 26, 2012 MYT 2:44:00 PM

Malaysia's Public Mutual launches 6 private retirement scheme funds


KUALA LUMPUR: Public Mutual Bhd has launched six private retirement scheme (PRS) funds comprising of three conventional series and three Shariah-based series.

It said on Monday the PRS funds allowed contributors to choose from a broad range of funds suitable to their age, risk tolerance and contribution time horizon. Contributors could also determine their contribution amount and frequency, it added.

Public Mutual said the initial issue price for its PRS funds is 25 sen per unit. The minimum initial contribution is RM1,000 and the minimum additional contribution is RM100. It would promote the PRS to individuals, corporations and institutions.

Under the conventional series are the Public Mutual PRS Growth Fund (PRS-GRF); Public Mutual PRS Moderate Fund (PRS-MDF) and the Public Mutual PRS Conservative Fund (PRS-CVF).

The other three Public Mutual PRS Shariah-based funds are Public Mutual PRS Islamic Growth Fund (PRS-IGRF), Public Mutual PRS Islamic Moderate Fund (PRS-IMDF) and the Public Mutual PRS Islamic Conservative Fund (PRS-ICVF).

Under the PRS Growth Fund, up to 70% of its net asset value (NAV) would be in equities and up to 20% of its NAV in foreign markets.

As for the PRS Moderate Fund, up to 60% of its NAV would be in equities and the balance in fixed income securities and liquid assets while up to 10% of its NAV in foreign markets.

Under the PRS Conservative Fund, 60% to 80% of the NAV would be in fixed income securities, up to 20% of the NAV in equities and the balance in money market instruments and deposits.

Public Mutual said for PRS Islamic Growth Fund, up to 70% of NAV would be in Shariah-compliant equities and up to 20% of its NAV in foreign markets.

Under the PRS Islamic Moderate Fund, it said up to 60% of the NAV in Shariah-compliant equities and the balance in sukuk and Shariah-based liquid assets. Meanwhile, up to 10% of its NAV would be in foreign markets.

As for the PRS Islamic Conservative Fund, 60% to 80% of the NAV would be in Sukuk, up to 20% of the NAV in Shariah-compliant equities and the balance in Islamic money market instruments and investment accounts.

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