BusinessTimes
PUBLIC Bank Bhd will launch a wholesale Islamic money market fund called PB Islamic Cash Plus Fund (PBICPF) on January 30.
The new fund will be managed by its wholly-owned subsidiary, Public Mutual.
"PBICPF is a low-risk Islamic money market fund and is suitable for sophisticated investors who wish to enjoy liquidity and current income, while maintaining capital stability," said Public Mutual chairman Tan Sri Teh Hong Piow in a statement released yesterday.
He said the fund's investment focus is geared towards short-term Islamic money market instruments that are highly liquidated and mature within one year.
Teh said PBICPF targets individuals whose total net personal assets exceed RM3 million or companies with total net assets exceeding RM10 million, and unit trust schemes.
"The fund provides a safe option for sophisticated investors with low tolerance to risk and those wishing to park their monies on a short-term basis," he said.
The minimum initial investment is RM250,000, while the minimum additional investment is RM100,000. PBICPF is issued at RM1 per unit.
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