Maybank launches ASEAN approved fund in Malaysia

Added 16th June 2015

Maybank launches ASEAN approved fund in Malaysia

The Maybank Bosera Greater China ASEAN Equity-I Fund seeks to tap opportunities in Greater China and ASEAN. The fund will invest in Shariah-compliant companies and aims for a targeted return of 7%-12% per annum on a three-year rolling basis. 

The vehicle will track performance against a customised benchmark wherein the MSCI China Islamic Index has a 35% weighting, the MSCI Hong Kong Islamic Index (15%) and the MSCI South East Asia Islamic Index (50%).

In October last year, Maybank AM and Bosera entered into a pact to jointly develop funds investing in Shariah-compliant equities within ASEAN and Greater China.

Wider distribution

The ASEAN fund passporting framework, which began last August, is designed to allow investors in Singapore, Malaysia and Thailand access to cross-border financial products.

However, the fund is currently available only to Malaysian investors.

"It will be later offered to other investors in participating countries under the [ASEAN CIS] framework," a firm spokeswoman told FSA, but she did not give further details.

Azamin Salleh, chief executive of Maybank Asset Management Group, said in a statement that the fund will eventually be made available to investors in Greater China and ASEAN countries. 

The product was launched by Maybank’s Islamic asset management unit, which had RM6.6bn ($1.7bn) in Shariah-compliant assets on 31 March.

The firm said it intends to raise the assets of its Islamic asset management unit to RM9bn during the year.

In March, the Securities Commission of Malaysia told Fund Selector Asia that it approved two funds under the ASEAN fund passport initiative: the Maybank Bosera fund and the CIMB-Principal ASEAN Total Return Fund.

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