KUALA LUMPUR, Sept 17 (Bernama) -- Eastspring Investments (“Eastspring”), the USD 216 billion Asian asset management business of Prudential plc, has raised USD 122 million (RM 512 million) for its Target Income Fund 8, making it the largest closed-end bond fund in Malaysia.
 
“Given the current low interest rate environment, investors and distributors were attracted by the fund’s 40% investment capital payback at the end of year three, and potential regular income distribution of between 4.7 to 5 per cent per annum with lower volatility compared to equity funds,” commented Xavier Meyer, Head of Distribution, Eastspring. The fund was launched on 15 July by Eastspring’s Malaysian business unit. Distributors of the fund included Eastspring’s agents, Ambank, CIMB Bank, Philip Mutual and Standard Chartered Bank.
 
“The fund was introduced at a time when fixed deposit rates were cut and investors were in a conservative mode. Thanks to our team’s unwavering efforts, this was the largest closed-end bond fund launched this year in Malaysia,” said Raymond Tang, Chief Executive Officer, Eastspring Investments Berhad Malaysia.
 
The fund launch follows the successful Target Income Fund 7, which was launched in May 2019 and was distributed exclusively by Standard Chartered Bank. Eastspring Investments’ open-end global bond fund, the Global Target Income Fund, is also the largest global bond fund in Malaysia.  

Source: Eastspring Investments Berhad

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Judy Yap
Director, Brand and Communications
Tel: 603-2789 3389 / 6012-2877 410
Email: judy.yap@eastspring.com 

--BERNAMA