Singapore - 20 March 2008
First Two funds to be denominated in Singapore dollars to be launched in China
Prudential Asset Management (Singapore) Limited today announced that it has launched its first Qualified Domestic Institutional Investor (QDII) products, PRU Global Basics Fund and PRU Asian Infrastructure Equity Fund, on Wednesday 19 March through Standard Chartered Bank (China). These products are the first QDII investment vehicle denominated in Singapore dollars and the first Singapore authorized funds available on the QDII platform. Both funds are also available in EUR and USD share classes.
Commenting on the launch, Suraj Mishra, CEO of Prudential Asset Management (Singapore) Limited, said: "We are very honored to be the first Singapore fund house to launch the first QDII investment vehicle denominated in SGD and the first Singapore authorized funds available on the QDII platform. The 2 funds are specially selected as they enable investors to diversify their investments that will be less affected by the slowdown in the US."
"The PRU Global Basics Fund invests in 'basic needs' which must be met regardless of the market conditions. It is also a relatively good avenue to hedge inflation. This fund has been resilient to recent market corrections and has delivered consistent performance since its launch," Mr Mishra said.
The PRU Global Basics Fund (the underlying fund being the M&G Global Basics Fund) invests in primary and secondary industries that are the building blocks of the global economy. The PRU Global Basics Fund (Singapore dollar share class) has delivered consistently good returns to investors since it was launched. This year, the underlying fund has received the Best Equity Global Fund Award over 5 years at both the Lipper Hong Kong and the Edge-Lipper Singapore Fund Awards.
The PRU Asian Infrastructure Equity Fund invests in equity and equity-related securities of companies that are engaged in infrastructure and related business in the Asia ex-Japan region. The fund enables investors to capitalize in the rapid Asian urbanization trend. It also capitalizes on the numerous infrastructure projects awaiting development or at planning stage in China, India and South East Asia.
"QDII provides the opportunity for investors to diversify into other asset classes. The first tranche of QDII products launched was mainly focused on H shares that offered little diversification from A shares. These new products offer investors access to global companies benefiting from the driving demand of basic needs and a growing Asian market. They provide an exciting opportunity to diversify current portfolios," Mr Mishra said.
About Prudential Asset Management (Singapore) Limited
Prudential Asset Management (Singapore) Limited ("PAM Singapore") is an ultimately wholly owned subsidiary of Prudential plc* ("Prudential"), a company incorporated in England with its head office in London, which, with its affiliated companies constitutes one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for 160 years and had £267 billion (approximately equivalent to SGD765.06 billion) in assets under management as at 31 December 2007.
PAM Singapore was set up as a company in 1994 and has been managing discretionary funds since 1995. As at 31 December 2007, PAM Singapore achieved about SGD68.92 bullion of assets under management, of which approximately SGD35.6 billion are discretionary funds managed in Singapore.
This article is not an offer or solicitation of an offer for the purchase of investment units in the PRU Global Basics Fund and PRU Asian Infrastructure Equity Fund (the "Funds"). A prospectus in relation to the Funds may be obtained through Prudential Asset Management (Singapore) Limited (Company Re No. 199407631H) ("PAM Singapore") or any of its appointed distributors. All applications for units in the Funds must be made on the application forms accompanying the prospectus. Investors should read the prospectus before deciding whether to subscribe for or purchase units in the Funds. Investment in units of the Funds is subject to investment risks, including the possible loss of the principal amount invested. There are necessarily limitations on using past performance of the M&G Global Basics Fund as a proxy for the past performance of the PRU Global Basics Fund. Past performance of PAM Singapore and the Funds, the underlying funds and its fund managers are not necessarily a guide to the future or likely performance of PAM Singapore, the Funds, the underlying funds and its fund managers. The value of the units in the Funds and any income accruing to the units, if any, may fall or rise. The predications, projections or forecasts on the economy, securities trends of the markets targeted by the Funds are not necessarily indicative of the future or likely performance of the Funds. Any opinion or estimate contained in this article is subject to change without notice. Accordingly, PAMS expressly disclaims all liability for the use or interpretation by others of information contained in this article or for any loss arising whether directly or indirectly as a result of any person acting on any information, opinion or estimate contained in this article. Potential investors may wish to seek advice from a financial adviser before purchasing units in the Funds. In the event that potential investors choose not to seek advice from a financial adviser, they should consider whether the Funds are suitable investments for them. PAM Singapore is an ultimately wholly owned subsidiary of Prudential plc. PAM Singapore and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.
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