Public Mutual To Launch New Islamic Fund

KUALA LUMPUR, Dec 14 (Bernama) -- Public Mutual, Malaysia’s largest private unit trust company with 91 funds under management, is launching a new Islamic fund, Public Islamic Savings Fund, on Thursday. "As the fund focuses its investments mainly in the domestic market, it offers investors an opportunity to capitalise on Malaysia’s resilient economic growth prospects in the medium to long-term," said its chief executive officer Yeoh Kim Hong in a statement on Wednesday. "The performance of selected Shariah-compliant sectors of the Malaysian economy is expected to remain supported by sustained consumer and investment spending over the longer term," Yeoh said. According to the company, the Islamic savings fund may also invest up to 30 per cent of its net asset value in selected foreign markets to achieve increased diversification. The markets include Singapore, Taiwan, South Korea, Japan, Hong Kong, Thailand, Indonesia, the Philippines, Luxembourg and other permitted markets. It said the fund's equity exposure will generally range from 75 to 98 per cent of its net asset value. The fund's initial issue price is 25 sen per unit during the 16-day initial offer period from Dec 15 to Dec 30, 2011 while the minimum initial investment is RM1,000 and the minimum additional investment is RM100. Interested investors can contact any Public Mutual unit trust consultant or call its Customer Service Hotline at 03-62075000 for more details. Public Mutual has 2.6 million account holders and as at Oct 31, 2011, the total net asset value of the funds managed by the company was RM43.7 billion. -- BERNAMA Malaysia