Principal reports managing Rm88.1bil assets

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KUALA LUMPUR: Principal Asset Management Bhd Group, formerly Cimbprincipal Asset Management Bhd, reported Rm88.1bil in assets under management as of December 2019.

The group manages assets of individuals and companies through retirement, insurance and asset management. Set up in June 1994, Principal Asset Management Bhd is headquartered in Malaysia with footprints across Indonesia, Thailand and Singapore.

It comprises Principal Asset Management Bhd and Principal Islamic Asset Management Sdn Bhd in Malaysia, Indonesia’ PT Principal Asset Management, Thailand’s Principal Asset Management Company Ltd and Singapore’s Principal Asset Management Pte Ltd.

In Malaysia, the company serves close to 700,000 investors with Rm58.2bil in assets under management as of December 2019.

Chief executive officer Munirah Khairuddin said: “Our top dividend-paying unit trust funds for the year includes conventional and syariah-compliant funds with yields ranging from 4.2% - 7.4%.

“As we look at 2020 from the investor perspective, we recommend a tactical asset allocation of 60:40 between equities and fixed income to capture the potential turnaround in economic activities and better earnings clarity.”

Principal Asset Management Bhd also announced dividend distribution totaling Rm736.47mil for fiscal 2019.

It has a total of 93 funds including both conventional and Islamic funds, four exchange-traded funds and 10 private retirement scheme funds.

Its private retirement scheme membership grew to over 100,000 as of December 2019 since its inception in 2012.