BusinessTimes
PRUDENTIAL Fund Management Bhd (PFMB) has launched its latest product - International Bank Target 8 Fund, a two-year close-ended fund that aims to provide a steady stream of income accounted quarterly but paid only on the maturity date or earlier, if the early termination feature takes place.
Chief executive officer Mark Toh said International Bank represents the theme of the equity derivatives linked to a basket of international banking stocks, while Target 8 represents the eight quarters of possible early termination that the fund offers over its two-year tenure.
"In the wake of the subprime crisis, prices of financial stocks in Europe and US have dropped about 33 per cent from its 12-month peak of May 2007. We believe the markets could have factored in the expectations from most of the affected investment banks in US/Europe (which have announced and have written off losses).
"On this landscape, our investment specialists are optimistic over the revival of financial conglomerates thus offer investors an avenue of a potential upside with the debut of our latest product," he said.
A total of 200 million units of the fund are available for subscription until August 13 at a price of RM1 per unit for a minimum investment of RM5,000.
Interested investors can subscribe through authorised distributors of Prudential.
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