AmBank fund to reach RM300m

KUALA LUMPUR: AmBank (M) Bhd is set to double the size of its newly-launched foreign investment-based unit trust fund, AmGlobal Property Equities Fund, to RM300mil by year-end from RM150mil currently. 

Targeted at retail customers, the fund is currently managed by AmBank's sister company AmInvestment Services Bhd, which will invest, via Henderson Global Investor (S) Ltd all the assets in a collective investment scheme called Henderson Horizon Global Property Equities Fund.  

AmInvestment chief executive officer Chuah Chuan Lok said the fund, which was introduced in October, had received overwhelming response from its retail customers. 

“So far, we have raised RM120mil of the RM150mil authorised fund size. At the rate it is selling now, I think we should be topping it up by Chinese New Year,” he said after the launch of AmGlobal Property Equities Fund yesterday. 

AmBank believes it is the first bank to offer its retail customers the opportunity of investing in global property securities. The fund is suitable for those looking for long-term capital appreciation through the global equity market and medium income growth. 

Chuah said each unit was sold at US$1 and over the last four months or so, the value had appreciated by 8%. “Property-based investment is here to stay and will be a very important asset class. We believe it should be part and parcel of everyone's investment portfolio, be it in the local or global real estate investment trust,” he said. 

AmInvestment Services Bhd's chief executive officer Chuah Chuan Lok (left) at the launch of AmGlobal Property Equities Fund in Kuala Lumpur on Thursday. With him are AmBank's head of consumer sales department Mohamad Sabirin Rahman (centre) and Henderson Global Investor (Singapore) Ltd's managing director Alexander Handerson. - Starpic by Azhar Mahfof

AmInvestment, one of the largest domestic fund management houses with RM9bil worth of funds, plans to launch two more products tailored to provide investment mix of both fixed-income and equities by year-end. 

Henderson Global Investor managing director Alexander Handerson said the collective scheme managed by Luxembourg-based Henderson Horizon Fund had a strong following among worldwide investors, mainly in the last three years where property and assets classes remained resilient despite the fall of the global equity markets. He said the collective scheme was aimed at providing investors with an annual return of at least 12%.  

“Over the last six years, the average return from investing in the scheme has been 17.5%,” he said.  

AmBank head of consumer sales Mohamad Sabirin Rahman said the new fund would be promoted at 170 sales and service centres.  

 AMCORP :  [Stock Watch]  [News]

For latest Bursa Malaysia indices, charts and other information click here

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Stories You'll Enjoy