Six private retirement scheme (PRS) funds have been launched by the mutual fund Public Mutual Bhd, in Malaysia. The new schemes consists of three conventional series and three Shariah based series of funds.
The company said on November 26, 2012, that the PRS options allowed contributors to choose from a broad range of funds, which are suitable to their age, contribution time zone and risk tolerance. Moreover, the contributors can also determine their contribution amount and frequency.
According to Public Mutual Bhd, the initial issue price for its PRS funds is 25 sen per unit. Initially, the minimum contribution is RM 100 and it would promote the PRS individuals corporations and institutions. The other three Public Mutual PRS Shariah based funds include, Public Mutual PRS Islamic Moderate fund, Public Mutual PRS Islamic Growth Fund and the Public Mutual PRS Islamic Conservative Fund.
About 70% of the net asset value of the PRS Growth Fund would be in equities and up to 20% if its NAV will be in foreign markets. In regards to the PRS Moderate Fund, 60% to 80% of the NAV would be in fixed income securities and up to 20% of the NAV will be in equities, with the balance money being in market instruments and deposits.
