HWANG DBS AIMS FOR RM9 BLN IN ASSETS UNDER MANAGEMENT THIS YEAR

KUALA LUMPUR, Jan 26 (Bernama) -- Hwang DBS Investment Management Bhd (Hwang DBS IM) aims to increase its assets under management to RM9.0 billion this year from the current RM7.8 billion.

Its Chief Executive Officer Teng Chee Wai said this would be supported by the company's plan to launch four to six new funds this year.

"We are looking to raise between RM800 to RM900 million worth of assets, throughout 2010," he added.

Teng was speaking to reporters after the launch of the Hwang DBS' second fund for the year, the Tactical Opportunity Capital Protected Fund.

Last year, Hwang DBS IM managed to raise RM630 million from the nine funds launched.

The fund launched today is the first retail fund of the company for this year.

"The pioneer fund launched was a wholesale fund and we plan to have a mixture of both elements in upcoming issues," Teng said.

He added Hwang DBS IM is confident of selling all the units of the newly launched fund by end of February.

The approved fund size of 200 million units at RM1.00 per unit, will raise RM200 million for the company.

The fund aims to tap into the emerging growth of the commodities segment in China and Australia.

With an minimum initial investment of RM2,000, the fund is available through all Hwang DBS IM outlets, Maybank, RHB Bank and Affin Bank.

Since 2001, Hwang DBS IM has launched 43 funds with the maturity of five, the company currently manages 38. -- BERNAMA

PPK AS