- FLOOD : Kuantan town centre almost paralysed, 37,100 evacuated in 4 states
- Man sorry for assault on wife
- Man catches unique fish with horns
- 'He's alive!' Video emerges of ship's cook thought lost at sea
- Soi Lek confirms he will step down as president
- Spain surgeons cut giant 25kg tumour from woman's womb
- FLOOD : Pahang in a quandary
- Universal shuts down 'Fast & Furious 7' production
- FLOOD : Kemaman residents say this is the worst
- FLOOD : Man and son drown in Kuantan
- MAS chiefs 'not doing more'
- Suspect's parents say he is innocent
- Celebrity chef Nigella Lawson admits cocaine use
- Woman killed in crash
- Football: Man United cut adrift in Premier League More
Aberdeen launches two Shariah funds in Malaysia
KUALA LUMPUR: Aberdeen Islamic Asset Management Sdn Bhd today launched Aberdeen Islamic Malaysia Equity fund and the Aberdeen Islamic World Equity fund, the company’s first Shariah retail products in Malaysia and the first by a foreign fund manager.
Aberdeen Asset Management Sdn Bhd General Manager Gerald Ambrose said this was a natural step forward for the company.
"Having established ourselves as an institutional manager, we are pleased to offer investors the first Islamic unit trusts from a foreign Islamic fund management licensee," he said in a statement.
However, the Managing Director of Singapore-based Aberdeen Asset Management Asia Limited Hugh Young, who oversees Aberdeen’s regional business, said Malaysia has been a core market for the group in the region and it has worked hard to develop a viable market for Islamic investments.
"We have been really impressed by how Malaysia’s capital markets have progressed over the years and have high hopes, with these two new funds, for continued success in asset gathering over the medium to long-term," he said.
Aberdeen Islamic’s ultimate owner, UK-listed Aberdeen Asset Management PLC, has been investing client money in Malaysia for over 25 years and with RM13 billion of Bursa-listed equities under management, is among the largest foreign investor in the local equity market.
The Aberdeen Islamic Malaysia Equity fund will be managed from Kuala Lumpur while the Aberdeen Islamic World Equity fund will be operated from Edinburgh, United Kingdom.
The latter fund is a genuinely international fund and will have no immediate exposure to Malaysia at all.
Both funds will be managed in accordance with Aberdeen’s long-term stock picking style, resulting in concentrated portfolios.
The funds will be available for purchase via distributors, Phillip Mutual Bhd and iFAST Capital Sdn Bhd, with minimum a subscription of RM1,000 for retail investors and RM5 million for institutional buyers.
Units are available at a fixed price of RM1 per unit until February 6 when trading commences. -- BERNAMA