Hong Leong Asset Management Bhd CEO Hoo See Kheng
KUALA LUMPUR: Hong Leong Asset Management Bhd (Hong Leong AM) has launched its first private retirement scheme (PRS), Hong Leong PRS-Conventional (Hong Leong PRS).
In a statement, it said the rollout of the Hong Leong PRS establishes Hong Leong AM as the latest PRS Provider in Malaysia, committed to helping Malaysians save up for their retirement.
The Hong Leong PRS is a voluntary scheme offered to the public with the purpose of providing an avenue to accumulate and diversify retirement savings under a well–structured, regulated environment.
The four funds under the Hong Leong PRS are Hong Leong PRS Growth Fund, Hong Leong PRS Moderate Fund, Hong Leong PRS Conservative Fund (core fund category), and the Hong Leong PRS Asia Pacific Fund (non-core fund category).
Hong Leong AM chief executive officer Hoo See Kheng said the launch of the Hong Leong PRS is timely as Malaysians are starting to rebuild and fortify their financial safety net for the future.
“At Hong Leong AM, we believe financial planning, especially for retirement, has to be reimagined to be inclusive and accessible for all Malaysians. We are committed to promoting better retirement planning, especially among young investors, which can contribute to overall sustainable economic growth.
“The Hong Leong PRS is a holistic scheme that gives you the opportunity to diversify your retirement funds by investing in various avenues like equity, fixed income, money markets, or balanced collective investment schemes, allowing investors to optimise their retirement savings hassle-free.”
The minimum initial subscription amount of the Hong Leong PRS is RM100 while the minimum additional subscription amount is RM50.
Valid until 2025, PRS members who invest in PRS will be eligible to claim tax reliefs of up to RM3,000. Depending on the PRS member’s tax bracket, this could mean a tax savings of up to RM900.
