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AmInvest launches AmPRS fund

April 3, 2013

By Kazi Mahmood

KUALA LUMPUR: AmInvestment Bank Bhd, a unit of AmBank Group, marked its foray into the Private Retirement Scheme (PRS) market with the launch of a RM300 million-sized retirement fund (AmPRS) yesterday.

AmBank chairman Azman Hashim said the conventional AmPRS retirement fund was the first of many planned by the bank, including Shariah-compliant products, that will be launched later.

“We intend to provide the full spectrum of products for consumers in PRS solutions,” he said at the launch of the fund yesterday.

There are three core funds, offering customers a choice of growth, moderate and conservative investment.

AmInvestment director for retail funds Ng Chze How said the initial ceiling size for the fund is RM300 million, but it could be raised if there is demand.

He said the AmPRS fund has the potential to reach a size of RM80 million within 12 months.

AmInvestment is one of the eight PRS providers appointed by the Securities Commission as part of the government’s effort to broaden the choices for Malaysians to prepare for their retirement. The PRS schemes are intended to be a viable supplement to the Employees Provident Fund (EPF) to which private sector employees must contribute towards their retirement.

They also offer incentives that are not available under the EPF scheme. An added benefit of the PRS schemes is that they offer tax deductions on savings, providing an additional RM3,000 income tax relief on top of the existing RM6,000 tax break enjoyed by EPF contributors and life insurance contribution.

AmInvestment said its selling point is its ability to balance investment risks through a strong risk management framework.

It said the AmPRS core funds are also suitable for employers who want to increase their contributions for employees, in addition to the EPF, as part of their plans to attract and retain skilled talent.

Photo: (from left) AmBank Group deputy group managing director Mohamed Azmi Mahmood, Azman and AmInvestment CEO Maznah Mahbob at the launch of the PRS in Kuala Lumpur.

This content is provided by FMT content partner The Malaysian Reserve.


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