MALAYSIA:
Kuala Lumpur-based RHB Asset Management (RHBAM) yesterday successfully
launched the RHB-OSK Islamic Regional Balanced Fund, a Shariah compliant
fund that rides on the economic growth of Asia Pacific. In efforts to
expand its suite of Islamic funds, the new product aims to provide
regular income in the form of units earned and capital growth from a
diversified portfolio of both local and foreign Shariah compliant
investments.
In an emailed statement to Islamic Finance news, Ho Seng Yee, CEO of RHBAM said:
“The launch of RHB-OSK Islamic Regional Balanced Fund further reinforces
our strategy to position RHBAM as an outstanding ASEAN fund house
offering a full spectrum of asset management products and services. Our
customers will find this fund an attractive alternative to the other
traditional investment options while enhancing their returns and
minimizing investment risks.”
The RHB-OSK Islamic Regional Balanced Fund will invest between 40% and up
to 60% of its net asset value (NAV) in Shariah compliant equities and
non-equity Shariah compliant investments. To achieve optimum
diversification, the fund may invest 100% of its NAV in selected foreign
markets within the Asia Pacific region including China, Hong Kong, India,
Indonesia, Korea, Philippines, Singapore, Taiwan, Thailand, Australia,
New Zealand, and Japan. The initial issue price of the fund is set at RM1
(US$0.3) per unit, with an initial minimum investment of RM1,000
(US$307.96), during the 21-day initial offer period commencing today.
According to the statement, the fund was designed in response to the
requests of Shariah compliant investors who seek for a diverse and
rewarding, medium to long-term investment with a balanced portfolio.
Investors participating in the fund will be afforded the opportunity to
invest in Shariah compliant equity and non-equity investments. This
includes Sukuk, other money market instruments and Islamic deposits with
financial institutions.
In December 2013, RHB Investment Management and OSK-UOB Investment
Management merged into one entity, operating under the legal entity name
of RHB Asset Management. RHBAM is a fully-owned subsidiary of RHB Banking
Group, the fourth-largest fully integrated financial services group in
Malaysia.
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