Monday, December 12, 2011

Maybank's Fortune8 closed-end fund targets RM300m investments

KUALA LUMPUR (Dec 12): MALAYAN BANKING BHD []'s closed-end fund Fortune8, targets RM300 million in sales when the fund closes on Dec 31, 2011.

It said on Monday the Fortune8 is a single premium and capital guaranteed investment-linked insurance plan. It is a closed-end three-year, six-month investment-link plan.

The fund provides a guaranteed investment return and capital protection on the investment with additional potential upside return from the performance of commodity prices.

Maybank deputy president and head of community financial services Lim Hong Tat said Fortune8 provided potential upside return apart from guaranteeing 100% of the capital on maturity and paying a 5% guaranteed cash payout at the end of the 18th policy month.

'Customers can start investing with a minimum investment of RM15,000 and additional investments in multiples of RM1,000,' he said.

'The fund provides exposure to commodities as a hedge against the global inflationary environment, including items such as food, transportation and many more. Commodities are able to protect investors from short term effects of inflation while providing capital appreciation,' he said.

Fortune8 investors can choose to invest in commodities like energy, precious metals, industrial metals, agriculture and livestock.

Lim said Fortune8 was in line with Maybank Group's strategy to extend its asset management business, not only in Malaysia but regionally.

'Given the growing demand from customers for a diversified range of investment products, especially from those with a low risk profile, we believe that Fortune8 will provide them the confidence to invest even in volatile market conditions,' he added.

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