Thursday January 31, 2013
Affin Fund eyes RM3bil assets
KUALA LUMPUR: Affin Fund Management Bhd expects its assets under management to hit the RM3bil mark once the three newly launched funds are fully subscribed, according to CEO Datuk Mohamad Ayob Abu Hassan.
“It is work in progress for us. Our assets under management stood at RM1.93bil at as end-2012. The three new funds will raise up to RM500mil each and we are in the midst of filling it up,” he said at a press conference after the launch of three new funds: 2-iWholesale Fund, 3-iWholesale Fund and the 4-iWholesale Fund and the company’s new corporate icon “Flight of the Phoenix”.
“We are certainly confident in propelling further ahead, scaling new heights and reaching the RM3bil mark. It is an achievable target for us,” Ayob said, adding that Affin Fund Management was currently in talks with potential investors to subscribe to its funds. Ayob said Affin Fund Management started with three unit trust funds and assets under management of RM267.4mil and currently has 13 unit trust funds which included, among others, equities, fixed income, money market and wholesale funds.
“Reaching the RM1bil assets under management is the key. We will need to continue to build and sustain it,” Ayob said.
He said Affin Fund Management also aims to be one of the top 10 investment management company in the country from its current 13th ranking. “At the beginning of 2012, we were ranked 19 among the 40 companies. At the end of December 2012, we moved up to 13th. We are three ranks away from the top 10. We hopes to achieve this target in the next year of so,” Ayob said.
Meanwhile, Bernama reported that Affin Investment Bank head of retail research Dr Nazri Khan as saying the FTSE Bursa Malaysia KL Composite Index (FBM KLCI) would be volatile every time there was a general election.
“The consolidation period will start now until the about three week after the election, assuming the Barisan Nasional wins at status quo.
“I expect the FBM KLCI to go through a correction of between 5% and 8% from now until the general election,” he was quoted as saying at a seminar after the launching ceremony. He said following the fall of the FBM KLCI on Jan 21, it was now was the best time, for investors to accumulate some stocks. “I think now is the best time to accumulate stocks, especially in Real Estate Investment Trusts (REITs), healthcare and the property sector,” he added.