HwangIM launches first private retirement scheme in Malaysia
KUALA LUMPUR, Oct 31 – Hwang Investment Management Bhd (HwangIM), a Malaysian investment management house, today rolled out Malaysia’s first private retirement scheme (PRS).
Known as Hwang PRS Solutions, the scheme comprised four PRS funds, making it the first of eight appointed PRS providers to launch its products and services.
The four funds are Hwang PRS Growth fund, Moderate Fund, Conservative Fund and Hwang AIIMAN PRS Shariah Growth Fund.
The Hwang PRS Solutions funds, which are offered under Malaysia’s first voluntary retirement investment scheme, will provide contributors a layer of customisation depending on their objectives, needs and risk appetites.
The funds are open to all Malaysians and foreigners above 18 years of age as well as to companies looking to add to their employees’ existing retirement contributions or in the form of staff retention programmes.
“We are pleased to be the first to roll out our PRS solutions. We believe HwangIM is also the first provider to offer the investing public low-cost PRS solutions that feature 0 per cent front-end fees across all fund offerings,” said HwangIM Chief Executive Officer and Executive Director, Teng Chee Wai.
“Our view is that retirement investing should be simple and low-cost, without the high initial fees usually associated with unit trust investing,” he said.
“It should be simple in the sense that the funds structured are based on straightforward and proven funds such as our own in-house managed Select Series.
“We know that we are the first to market and are looking forward to setting the bar high,” he said in a statement today.
He said apart from the benefits of being low-cost and the option to switch funds according to age and risk appetites, these funds were meant to allow contributors to opt for a more aggressive portfolio in building their retirement funds.
“In addition to potentially higher returns, our conservative and moderate funds will offer semi-annual distributions whilst the growth funds aim to offer annual distributions,” he added.
HwangIM has set the initial investment sum at an affordable RM100 for each fund, and subsequent top-ups at a minimum of RM50.
The company will introduce more funds in the future until the maximum number of funds allocated under PRS is reached. – Bernama