Phillip eyes RM75mil sales


  • Business
  • Thursday, 31 Jul 2003

BY ELAINE ANG

PHILLIP Mutual Bhd expects its Phillip Master Capital Protected Fund and Phillip Master Dana Hafizh (Capital Protected), launched yesterday, to generate sales of RM75mil within the 30-day offer period. 

“We have received a lot of enquiries about the funds and are fairly confident that this is achievable,” chief executive officer Munawir Mohammad said at the launch of the two funds by Deputy Human Resource Minister Dr Abdul Latiff Ahmad in Kuala Lumpur. 

Munawir said that besides organising road shows to generate interest, the company's infrastructure was also ready to support the sales of the funds.  

Dr Abdul Latiff Ahmad shaking hands with Munawir Mohammad (right) at the launch of the Phillip Master funds. Looking on is Phillip Securities Pte Ltd MD Loh Hoon Sun.

“The focus is now on capital protected funds,” he said, adding that another plus point was the strength of its distributors: SBB Mutual Bhd, Apex Unit Trusts Bhd and Eng Securities Sdn Bhd. 

The funds comprise 100 million units each. Priced at 50 sen per unit, minimum initial investment is RM2,000. 

They are designed to protect the investor's capital investment while providing the opportunity to benefit from capital gains from upswings in the equity market. 

A minimum 90% of the funds' net asset value will be invested in fixed income instruments issued or backed by the government and its agencies, and a maximum of 10% in securities and other investment instruments. 

Although the funds have a 5-year maturity period, unit holders can redeem their investments at any time. 

Meanwhile, Munawir said sales of its inaugural funds launched in June – Phillip Master Equity Growth Fund, Phillip Master First Ethical fund and Phillip Master Money Market Fund – had touched RM3mil so far. 

He said the company was pretty bullish about the KLSE and viewed the current consolidation as temporary and healthy for the market. 

“We see the stock market hitting 816 points by year-end. We believe all factors in the domestic and international fronts point to this,” he said, adding that foreign participation would also help propel the market towards the mark. 

He said foreign funds had been returning to the stock market gradually, and their participation stood at 8% currently, compared with 6% at the beginning of the year. 

Phillip Mutual also launched the Phillip Ethical Index, a capitalisation weighted index derived from the KLSE CI. Components of this index are stocks that are eligible for the Ethical Fund. 

Phillip Mutual is an associate of the Phillip Capital Group, a financial conglomerate with operations in 10 countries. 


Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 7
Cxense type: free
User access status: 3
   

What do you think of this article?

It is insightful
Not in my interest

Across The Star Online