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Malaysian Asset Manager Launches Multi-Asset Fund Product
Vanessa Doctor
21 March 2014
CIMB-Principal Asset Management Berhad, the Kuala Lumpur-based asset management firm, has launched a new fund product that allows investors to gain income from multiple asset classes through one scheme. The CIMB-Principal Global Multi Asset Income Fund is recommended for those seeking exposure in global mixed assets which is structured via a target fund. To achieve its objective, the fund will invest at least 95 per cent of its net asset value in the Schroder International Selection Fund Global Multi-Asset Income, a SICAV domiciled in Luxembourg and established in 18 April 2012. The fund will also maintain up to a maximum of 5 per cent of its NAB in liquid assets. According to Munirah Khairuddin, chief executive of , in a statement, the firm is targetting to raise MYR300 million ($91 million) for the fund by the end of financial 2014. The fund requires a minimum subscription of MYR10,000 priced at MYR1 per unit. It is available from 20 March 2014. As at 28 February 2014, CIMB-Principal manages a total of 59 retail unit trust funds, in which 21 are Shariah-compliant, 12 are wholesale funds, ten are private retirement funds and two are exchange-traded funds. The company records some MYR48 billion in assets under management, up 19.7 per cent from the year earlier period.