Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 15): RHB Asset Management Sdn Bhd (RHBAM) expects to receive total subscriptions of RM200 million for each of its two new funds — RHB Shariah China Focus Fund and RHB Global Artificial Intelligence (AI) Fund — in 12 to 18 months.

Its managing director and regional head Eliza Ong said the Islamic fund allows investors a chance to invest in China's Islamic capital market.

"The RHB Shariah China Focus Fund is a fund developed by RHBAM and China Asset Management Ltd. The aim of the fund is to provide investors Shariah-compliant investment opportunities within the Chinese Islamic finance market," she told reporters after the launch of the two new funds today.

This includes A-shares, China Shariah-compliant China equities inclusive of China H-shares, Islamic real estate investment trusts (REITs), Islamic exchange traded funds (ETFs) and China Shariah-compliant equity-related securities.

Investments in Islamic liquid assets include Islamic money market instruments, Islamic deposits with financial institutions and Islamic collective investment schemes.

Ong shared that China's Islamic finance industry is growing, and is a right time for China to form tactical partnerships with other countries.

She said the fund's investments are not sector specific and covers a wide range of industries.

China Asset Management Company Hong Kong senior portfolio manager Raymond Jing said the current valuation of China equities has reached a historical low.

"Together with the ongoing inclusion of A-shares into global indices, it presents various opportunities and good timing for investors," he said.

The RHB Global AI Fund, meanwhile, invests in different aspects of AI ranging from AI software and application development to companies that will benefit from AI infrastructure deployment and the adoption of AI in key vertical business processes.

RHB is partnering global asset manager Allianz Global Investors (AllianzGI) and Chinese fund management firm RHB Global AI Fund to manage this fund.

AllianzGI director and co-portfolio manager Stephen B. Jue said there are 60 potential sectors that are linked to AI to be tapped.

"We are working with RHBAM to bring our AI fund to investors here as we believe it will provide an attractive investment opportunity for those who want to invest in innovative companies, leveraging on the AI technology," he added.

RHBAM, a subsidiary of RHB Investment Bank Bhd, has assets under management totalling RM49.2 billion as at Sept 30.

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