OSK-UOB Unit Trust eyes RM1.5b fund by year-end


  • Business
  • Thursday, 06 Mar 2003

BY DALJIT DHESI

OSK-UOB Unit Trust Management Bhd, the largest stock broking-backed unit trust management company in the country and the ninth largest player in terms of total funds under management, is hopeful of achieving a fund size of RM1.5bil by year-end. 

Its chief executive officer Ho Seng Yee said total funds under the company's management currently exceeded RM830mil. 

“We will be launching four to five more funds, mainly specialised funds, before the end of the year. Currently, the company has seven funds and with the additional funds coming up, we are upbeat about hitting the RM1.5bil mark. 

“OSK-UOB Unit Trust will also be working closely with its business partners, namely the institutional unit trust agents (IUTAs), in the distribution of our funds,” he told StarBiz in an interview.  

The company currently has 12 IUTAs distributing its funds. Plans are in the pipeline to tie up with more IUTAs in the near future. 

According to Ho, the company would also gradually expand its agency force to facilitate the distribution of funds. 

The company launched its seventh fund, the OSK-UOB Income Fund on Feb 26.  

The new fund is meant for investors with low to moderate risk appetites and who are seeking steady returns over the medium to long term. 

Ho said he was confident the fund would be well received by investors in view of the current economic uncertainties and the sluggish stock market. 

The fund would invest entirely in bonds and money market instruments. A minimum of RM1,000 is required for investment in the new fund. 

On the expected returns from the new fund, Ho said the company was expecting an annual return of between 5% and7%. With the launch of the income fund, the company had completed its quest for a basic series of funds. 

OSK-UOB Unit Trust now has in its stable an equity growth fund, an aggressive equity growth fund, a balanced fund, an islamic equity growth fund, an index tracking fund and a bond fund. 

On the local stock market and its outlook for the year, Ho said OSK-UOB Unit Trust was cautiously optimistic as the market's performance would depend on the outcome of the looming US-Iraq conflict.  

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