Invest in The Best

Invest in The Best

Monday, March 17, 2008

Public Bank launches a wholesale Islamic money market fund

Public Bank will launch a wholesale Islamic money market fund, PB Islamic Cash Plus Fund (PBICPF) on 30 January 2008. The fund is managed by its wholly-owned subsidiary, Public Mutual.

Public Mutual’s Chairman Tan Sri Dato’ Sri Dr. Teh Hong Piow said PBICPF which is a low risk Islamic money market fund, is suitable for sophisticated investors who wish to enjoy liquidity and current income, while maintaining capital stability. The investment focus of the fund is geared towards short-term Islamic money market instruments that are highly liquid and mature within 365 days or 1 year. “PBICPF will strive to distribute income on a monthly basis,” he said.
According to Tan Sri Teh, as prescribed in the Capital Market and Services Act 2007, ‘sophisticated investors’ are individuals whose total net personal assets exceed RM3 million or its equivalent in foreign currencies; or corporations with total net assets exceeding RM10 million or its equivalent in foreign currencies based on the last audited account; or unit trust schemes or prescribed investment schemes.

Tan Sri Teh added that PBICPF provides a safe option for sophisticated investors with low tolerance to risk who wish to park their monies on a short-term basis. The minimum initial investment of the fund is RM250,000 and the minimum additional investment is RM100,000. Its issue price is RM1 per unit with a service charge of up to 0.25% of net asset value (NAV) per unit. Annual management fee is fixed at 0.375% per annum of its NAV.

Interested sophisticated investors can visit any Public Bank branch nationwide or call free-phone at 1-800-88-3323 during normal working hours to find out more about PBICPF.

The manager of the fund, Public Mutual, which is the largest private unit trust company in Malaysia, manages 56 funds for more than 1,650,000 accountholders. As at 31 December 2007, the total net asset value of the funds managed by the company was RM28.3 billion.

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