TheEdge
KUALA LUMPUR: RHB Unit Trust Management Bhd (RHBUTM) is planning to launch up to five funds next year to add to its current fund size under management of RM1.3 billion.
Its chief executive officer Michael Tan Lib Chau said it anticipated its fund size to grow to at least RM2 billion by the end of the first quarter.
"“RHBUTM expects to have up to five new funds in year 2008," he told reporters after a community programme event here yesterday.
At the event, RHBUTM donated RM600,000 from investors of two Islamic unit trust funds, RHB Islamic Growth and RHB Mudharabah Fund, comprising RM300,000 to needy students and the remaining RM300,000 to 41 charitable organisations and orphanages.
RHB Investment Bank Bhd chairman Datuk Abdullah Mat Noh and RHBUTM chairman Tan Sri Hanafiah Ahmad gave away the donations.
The donations represent the "cleansing" of gains made from investments by the Islamic funds to remove all profits that may have been derived from non-syariah based sources.
In his speech, Hanafiah said since 1999, RHB Mudharabah Fund had contributed about RM2.9 million to charitable organisations and orphanages, while RHB Islamic Growth Fund contributed RM240,000 to 60 needy students last year.
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