Friday January 18, 2013
Aberdeen launches two Islamic funds
KUALA LUMPUR: Aberdeen Islamic Asset Management Sdn Bhd launched its Aberdeen Islamic Malaysia Equity fund and the Aberdeen Islamic World Equity fund, the company’s first syariah retail products in Malaysia and the first by a foreign fund manager, yesterday.
Aberdeen Asset Management general manager Gerald Ambrose said this was a natural step forward for the company. “Having established ourselves as an institutional manager, we are pleased to offer investors the first Islamic unit trusts from a foreign Islamic fund management licensee,” he said in a statement.
Further, the managing director of Singapore-based Aberdeen Asset Management Asia Ltd, Hugh Young, who oversees Aberdeen’s regional business, said Malaysia had been a core market for the group in the region and had worked hard to develop a viable market for Islamic investments.
“We have been really impressed by how Malaysia’s capital markets have progressed over the years and have high hopes, with these two new funds, for continued success in asset gathering over the medium to long term,” he said.
Aberdeen Islamic’s ultimate owner, United Kingdom-listed Aberdeen Asset Management Plc, has been investing client money in Malaysia for over 25 years and with RM13bil of Bursa Malaysia-listed equities under management, is among the largest foreign investors in the local equity market.
The Aberdeen Islamic Malaysia Equity fund will be managed from Kuala Lumpur, while the Aberdeen Islamic World Equity fund will be operated from Edinburgh, UK.
The latter is a genuinely international fund and will have no immediate exposure to Malaysia at all.
Both funds would be managed in accordance with Aberdeen’s long-term stock-picking style, resulting in concentrated portfolios.
The funds would be available for purchase via distributors, Phillip Mutual Bhd and iFAST Capital Sdn Bhd, with a minimum subscription of RM1,000 for retail investors and RM5mil for institutional buyers.
Units are available at a fixed price of RM1 per unit until Feb 6 when trading commences. – Bernama