AMINVEST, a member of the AmBank group, expects to sell 100 million units of each of its three newly launched funds the AmBalanced, AmConservative and the AmDynamic Bond and raise a total of RM150mil during the six-month period to March 31.
AmInvest chief executive officer Cheah Chuan Lok said the target was achievable, citing the lower interest rate environment and the strengthening economy locally and in the United States as stimulus factors.
There is still room for the unit trust industry to grow, he told reporters after the launch of the funds in Kuala Lumpur yesterday.
Cheah said AmInvest was looking at introducing more funds to reach a wider spectrum of the market.
Our products only cover a certain segment of the market and we will be launching more funds next year, he added.
Each fund has a size of 1 billion units at 50 sen each, or RM500mil per fund.
The minimum investment amount for the funds is RM500 or 1,000 units with the initial unit price set at 50 sen per unit. For two months until Nov 15, 15 bonus units will be given to investors for every 1,000 units invested in the AmConservative and AmBalanced funds.
Cheah said AmDynamic is a 100% fixed income fund, AmConservative will invest 15% in equity and 85% in fixed income, while AmBalanced would split its fund 50:50 between equity and fixed income.
Cheah said it was a good time to invest in unit trust as the stock market looks set for further upside.
Going by the consensus estimates of 800 points for the KLCI this year, we still have a 10% upside for the equity market,'' he said.
We just need some convincing data and that could spark an upward movement. Basically, everything points to a good outlook and that's why we are launching our funds now, he added.
AmInvest is one of the biggest fund management outfits in the country. Apart from these three new funds, it manages 10 other funds.
As at August, AmInvest has RM5bil under management.
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