Aberdeen launches two Shariah funds in Malaysia

0 comments

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

Leave Your Comment


Leave Your Comment:

New Straits Times reserves the right not to publish offensive or abusive comments and those of hate speech, harassment, commercial promos and invasion of privacy. Your IP will be logged and may be used to prevent further submission.The views expressed here are that of the members of the public and unless specifically stated are not those of NST.