TheStar
KUALA LUMPUR: ASM Investment Services Bhd targets to double its current total assets to RM1bil in two years.
Chief executive officer Nik Mohamed Zaki Nik Yusoff said the company, which currently manages 17 funds, would focus on expanding its corporate fund portfolio with the launch of its new real estate investment trust fund (REIT) and exchange-traded fund (ETF) next year.
“Currently, 80% are retail fund and 20% corporate. We are now in discussions with local partners to launch our new REIT, likely by the second quarter of next year.
“For ETF, we are also in talks to tie up with foreign parties. I think we'll launch it by the third quarter of next year,” he said after the launch of its new Syariah Dividend Fund (SDF) yesterday.
He said ASM Investment would launch a new structure fund by year-end to further expand its fund size.
Nik Mohamed said the SDF would adopt an active investment management strategy to achieve long-term total returns and stable income stream by investing in syariah-compliant equities, Islamic money market instruments and liquid assets.
It has an approved fund size of 500 million units and would cost 25 sen per unit during the initial promotional period ending Aug 10.
Nik Mohamed said the new fund was expected to be fully subscribed within six months.
On whether it was the right time to launch the fund due to the uncertainties in the current market, he said: “The shares the SDF invests in do not fluctuate when the stock market falls and their performance is better than the bonds when the market goes up.”
He said the value of the SDF had the potential to increase by generating income for the investors even though the value of the component shares fell. – Bernama
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