Hong Kong - 22 June 2007
Prudential Corporation Asia today announced that Taiwan investors have invested US$750 million in two equity funds recently launched by its Taiwan company, PCA Securities Investment Trust Co Ltd (PCA SIT). The strong investor interest in these, and other recently launched funds in Taiwan, has lifted PCA SIT's funds under management to US$3.6 billion and significantly boosted its overall market ranking.
Launched in mid-May 2007, the Asia Pacific Infrastructure Fund raised US$450 million, reaching its regulatory fund cap. The Fund will invest in infrastructure equities across Asia Pacific (ex Japan).
The Asia Pacific REITS Fund was launched in late December 2006 with a cap of US$300 million and PCA SIT recently received approval in April to increase in cap to approximately US$600 million.
"The success of these fund launches is evidence that the combination of providing innovative products, together with our distribution strategy, is working well in Taiwan," Mr. Choy Peng Wah, Regional Head, Sales & Distribution - Fund Management, Prudential Corporation Asia, said.
"We are one of the first fund management companies in Taiwan to offer Asia-specific funds in infrastructure and REITS. The current pace of economic development, the strong need for infrastructure as well as increasing urbanization in Asian economies makes these funds incredibly attractive," Mr. Mark Ko, Chief Executive Officer, PCA SIT, said.
Prudential Corporation Asia's fund management business holds a top five market position in five of the markets in which it operates in Asia.