MAYBAN Unit Trust Bhd, a member of the Maybank group, hopes to achieve RM2.2bil in total fund size for the financial year ending June 30, 2004, with focus on meeting different investors' needs.
According to chief executive officer Ismail Mohd Yusof, its current total unit trust fund size stands at RM1.825bil with two-thirds of the funds portfolio invested in equity holding and the rest in bonds.
“We will be launching at least two more new products before the end of the financial year ending June 30, 2004, with one product comprising investment in Islamic fixed-income/bonds,” he said yesterday.
Ismail said this would be the first time that Mayban Unit Trust was launching an Islamic fund consisting entirely of fixed-income/bonds as the existing Islamic funds were either purely in equity-based or a hybrid of both equity and bonds.
He noted that Islamic fund was well received by investors as it provided better stability to investment as opposed to conventional fund in the equity market.
“This is because Islamic fund comprises investment in selected counters which excludes gaming and finance stocks,” he said.
Ismail said the company would continue to focus on providing the type of investments that customers preferred.
“While the stock market has been performing well lately, there are still some investors who are cautious and more risk-averse,” he said.
Yesterday's launch of the Mayban First Capital Guarantee Trust Fund was to cater to these type of investors, he added.
Ismail said the company was confident that the close-ended unit trust fund size of RM150mil or 300 million units at 50 sen each would be fully subscribed.
The main feature of this fund was that investors would be guaranteed the return of the money invested, he said.
“The investment is for five years, which means that an investor who invests RM10,000 will, upon its maturity be guaranteed a return to this investment sum,” he said.
The fund has an asset allocation of a minimum of 80% in Maybank zero coupon negotiable instruments of deposits and a maximum of 20% in shares. – Bernama
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