KUALA LUMPUR: Reliance Asset Management (Malaysia) Sdn Bhd (RAMM), a unit of Reliance Capital Asset Management (RCAM), plans to launch two syariah-compliant funds here, namely a global equity fund and an India-country fund.
The funds would be managed out of Malaysia by RAMM, with the company acting as syariah investment adviser while a local partner would serve as investment adviser, it said in a statement on Tuesday, June 29.
These new funds were part of RCAM's plans to transform its Malaysian unit into a global Islamic finance centre for syariah-compliant products, said RAMM.
'Our Malaysian company will be the flagship venture in the Islamic asset management business and a global hub for syariah-compliant products. The long-term objective is to target the retail syariah market in the region.
'The overall strategy is to expand our fund management footprint across key global markets,' said Reliance Capital CEO of international business, Vikrant Gugnani.
RAMM CEO Ian Lancaster said the group was keen to prove its first-rate finance capacity and investment skills in the Islamic finance field.
'We have proven skills in quantitative equity management and the experience of our parent company in the field of Indian equity management is unmatched. At first we will build on these skills and expand the product base as we add to our team,' he added.
RACM, a part of financial services provider Reliance Capital, is the biggest asset management company in India, managing over US$33 billion (RM106.6 billion) in assets across mutual funds, pension funds, managed accounts and hedge funds. It has over 7.2 million investors.
The funds would be managed out of Malaysia by RAMM, with the company acting as syariah investment adviser while a local partner would serve as investment adviser, it said in a statement on Tuesday, June 29.
These new funds were part of RCAM's plans to transform its Malaysian unit into a global Islamic finance centre for syariah-compliant products, said RAMM.
'Our Malaysian company will be the flagship venture in the Islamic asset management business and a global hub for syariah-compliant products. The long-term objective is to target the retail syariah market in the region.
'The overall strategy is to expand our fund management footprint across key global markets,' said Reliance Capital CEO of international business, Vikrant Gugnani.
RAMM CEO Ian Lancaster said the group was keen to prove its first-rate finance capacity and investment skills in the Islamic finance field.
'We have proven skills in quantitative equity management and the experience of our parent company in the field of Indian equity management is unmatched. At first we will build on these skills and expand the product base as we add to our team,' he added.
RACM, a part of financial services provider Reliance Capital, is the biggest asset management company in India, managing over US$33 billion (RM106.6 billion) in assets across mutual funds, pension funds, managed accounts and hedge funds. It has over 7.2 million investors.
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