Maybank asset management

StanChart appointed trustee on Islamic passporting fund

Malaysia fund house Maybank Asset Management has chosen Standard Chartered as its trustee for the first sharia-compliant fund that has been approved for Asean passporting. The Maybank Bosera Greater China Asean Equity I-Fund was approved by the Securities Commission of Malaysia for distribution under the Asean Collective Investment Scheme (CIS) in March. The fund was subsequently launched for sale in the Malaysian market in April. Maybank AM has two funds from its Singapore office that are also waiting to be passported in Malaysia and Thailand. But the contract with StanChart only covers Maybank AM Malaysia.

Maybank's Islamic asset management unit launched

Malaysia's Malayan Banking (Maybank) has launched an Islamic asset management unit to cater to growing investor appetite for sharia-compliant investment products. Maybank asset management will leverage the Maybank group's network of business lines, which range from consumer banking to Islamic insurance, as well as its geographical presence across Asia. It aims to launch Asian-themed investment funds using a bottom-up investment strategy, with products to be marketed primarily in Malaysia and Indonesia. Maybank acquired Indonesian asset management firm PT GMT Aset Management, and it will also explore opportunities in the Middle East through Maybank Investment Bank's stake in Saudi Arabia's Anfaal Capital, according to Nor Azamin Salleh, chief executive of Maybank asset management.

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