Saturday April 27, 2013
Kenanga Investors approved as PRS provider
“We will be launching our PRS, known as OnePRS, to the mass retail market and also employers as soon as we receive product approvals from the regulators,” K&N Kenanga group managing director Chay Wai Leong said in a statement. “OnePRS will enable participating organisations to enhance their employee remuneration package, and in turn, attract and retain talent.”
The approval follows Kenanga Investors’ completion of its acquisition of ING Funds Bhd last week.
He said the group itself would also be participating in the scheme for its employees to achieve additional retirement savings.
Last December, the Kenanga group inked a deal buy 100% of ING Funds from ING Groep NV and the latter’s joint-venture partner Tab InterAsia Services Sdn Bhd, enlarging the assets under its management to about RM5bil.
ING held 70% of ING Funds with Tab InterAsia holding the remaining 30%.
Prior to the acquisition, ING Funds was one of eight intermediaries granted PRS licences by the Securities Commission last April.
The ING acquisition follows Kenanga’s purchase of ECM Libra Investment Bank Bhd via Kenanga Investment Bank, and that had transformed it to become the largest independent investment bank in the country in terms of trading value and volume.
The private retirement scheme was launched last July following the establishment of the Private Pension Administrator, which was tasked with identifying eight providers for the scheme.
The scheme forms part of the Capital Masterplan 2, which calls for the development of the third pillar of a comprehensive pensions and retirement framework for Malaysia.
Pillar One is the civil servant pension scheme and Pillar Two is the Employees Provident Fund (EPF). The third pillar refers to voluntary retirement savings.