Published by Asia Asset Management – 2nd Nov 2018
Malaysia’s AmFunds launches online retirement scheme channel for millennials
Malaysia’s AmFunds Management Bhd has launched an online private retirement scheme (PRS) fund subscription channel for millennials.
Potential subscribers can sign-up for conventional and shariah-compliant AmPRS funds on the website www.easicircle.com, the company says in a statement upon the launch on October 25.
Subscribers between 20 and 30 years of age can capitalise on a government incentive aimed at encouraging young people to save, in which the government will match a minimum contribution of 1,000 ringgit (US$239) to a PRS with a like amount. This one-off incentive ends on December 31, 2018.
Young workers who contribute to a PRS will also be entitled to tax relief of up to 3,000 ringgit.
AmFunds Management expects to have 10,000 new subscribers for the PRS fund subscription channel by the end of the year.
The company had 29.8 billion ringgit of total funds as at September 30, 2018.
Singapore’s Phillip Capital Management lists SING Income ETF
Singapore’s Phillip Capital Management listed its Phillip SING Income ETF, an income-focused exchange-traded fund (ETF), on the Singapore Exchange (SGX) on October 29.
The ETF offers investors access to a diverse basket of quality Singapore stocks, Phillip Capital Management says in a statement on the day of the launch.
The ETF comprises 30 blue-chip constituents listed on SGX, from sectors including financials, telecommunications, real estate and industrials.
The fund received strong investor interest with initial assets under management (AUM) of S$68 million (US$49 million), reflecting growing appetite for ETFs with exposure to Singapore-listed companies with strong fundamentals and attractive yields, the company says.
There are 53 ETFs listed on SGX, offering exposure to various asset classes including equities, fixed income and commodities across different geographical locations.
Phillip Capital Management had AUM of S$1.6 billion as at August 31, 2018.
Singapore’s Temasek Holdings lists retail bonds on SGX
Singapore’s Temasek Holdings (Private) Ltd listed its S$300 million (US$216.9 million) T2023-S$ Temasek Bond on the Singapore Exchange (SGX) on October 26, the sovereign wealth fund’s first bond offering for retail investors.
The five-year bonds were issued under its S$5 billion guaranteed medium term note programme, the company says in a statement upon the launch.
The size of the offering was increased from an initial $200 million. They were sold at the face value of S$1 each. The offering closed on October 23.
In addition to the retail issuance, Temasek Holdings also placed out another S$200 million of bonds to institutional, accredited and other specified investors.
The company says the retail tranche was oversubscribed about five times the final size, or over eight times the initial amount of S$200 million, while the institutional tranche was more than seven times oversubscribed.
The bonds, which are guaranteed by Temasek Holdings, have a fixed interest rate of 2.7% per annum, payable every six months.
Temasek Holdings managed S$308 billion of total funds as at March 31, 2018.
India’s Baroda Pioneer Asset Management launches dynamic fund
India’s Baroda Pioneer Asset Management Company Ltd has launched its open-ended Baroda Dynamic Fund.
The fund’s primary objective is to generate capital appreciation by investing in a portfolio of equity or equity-linked securities, the company says in a statement upon the launch on October 22.
The secondary objective is to generate income through investments in debt and money market instruments. It also aims to manage risk through active asset allocation.
The minimum subscription amount is 5,000 rupees (US$67.61). The fund closes on November 2.
Baroda Pioneer Asset Management had US$1.23 billion of assets under management as at September 30, 2018.
