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The new funds comprise of the Manulife Saham Andalan equity fund and two balanced funds û the Manulife Dana Tumbuh Berimbang and the Manulife Dana Stabil Berimbang û which combine equity, fixed income and money market assets.
The funds, which will be denominated in rupiah, are available to both retail and institutional investors. In Indonesia.
ôWe have created (the funds) to provide investors with a wider choice of investment strategies and asset allocation options and to satisfy the growing demand (from Indonesian investors) for equities solutionsö says Mami president director Naresh Krishnan.
Raymond Gin, director and head of equities at Mami, says the funds can invest up to 100% in local and 15% in offshore-listed stocks. For the companies listed overseas, the focus will be on those operating in the region with exposure to the Indonesian economy, specifically in sectors that offer the best potential for good earnings growth, he adds.
The Manulife Saham Andalan equity fund aims to generate higher returns by investing in companies in sectors that are well-placed to capitalise on emerging opportunities locally and worldwide, says Gin. This fund will allocate 80-98% in equities, 0-18% in fixed income and 2-20% in money markets.
The Manulife Dana Tumbuh Berimbang balanced fund targets investors looking to generate investment growth via exposure to Indonesian equities, balanced with investment in fixed-income and money markets which have lower risk, Gin says. This fund will allocate 50-75% in equities, 5-50% in fixed-income and 5-50% in money markets.
The Manulife Dana Stabil Berimbang balanced fund targets investors who want stable investment growth through a more conservative asset allocation in equities, fixed income and money market instruments, says Gin. The fund will allocate 10-30% in equities, 5-75% in fixed-income and 5-75% in money markets.
Mami president commissioner David Beynon says the company is targeting raising Rp2 trillion ($220 million) in assets from the three funds by the end of 2008. HSBC Securities Services will provide the custody, fund accounting and administrative services required by the three funds.
Mami has around Rp15.93 trillion ($1.75 billion) in assets under management, including mutual funds and discretionary mandates. Mami, which was established in 1996, is part of Manulife Financial, which has been operating in Indonesia for the last 22 years.
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