KUALA LUMPUR: RHB Investment Management Sdn Bhd (RHBIM) aims to launch five new funds by year-end as part of its plans to grow its asset management business, its managing director Sharifatul Hanizah Said Ali said.
She said the firm would be keen to launch a mix of funds, targeted at both corporate and retail investors. Through its new product offerings, Sharifatul said it would be looking at “a very encouraging rate of growth”.
“We would also like to increase our offshore investments in the future,” she said after the launch of its RHB Commodities Capital Protected Fund here yesterday.
The commodity fund, managed by RHBIM, is its first following the merger between RHB Asset Management Sdn Bhd and RHB Unit Trust Bhd. Through the commodity fund, RHB would be investing at least 85% of the capital raised during the initial offer period (IOP) in zero-coupon negotiable instruments of deposit (ZNIDs).
The ZNIDs would provide capital protection if held to maturity.
The remainder of the capital raised would be invested in an over-the-counter option linked to the performance of futures contracts of four commodities, namely soybean, wheat, aluminium and copper.
“Given that the markets have been volatile of late, we want to offer investors an opportunity to participate in the commodities outlook, which will be bullish at least for the next 12 to 16 months.
The one way to do this is via capital protection,” said Sharifatul Sharifatul said the initial size of the commodity fund had been fixed at 150 million units of RM1 each, with a minimum investment of RM5,000. As the fund was a closed-ended fund, the units would be very limited, she said.
Sale of the units began April 30, with a 30-day IOP which would end on May 29. “We can certainly enlarge the fund size if response during the IOP is very encouraging,” Sharifatul said.
With the launch of the commodities fund, RHBIM, a wholly owned subsidiary of RHB Banking Group, would have 24 different unit trust funds with close to RM4 billion in total investment assets under management.
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