KUALA LUMPUR (Aug 3): Public Mutual Bhd, a wholly-owned subsidiary of Public Bank Bhd, has launched two new private retirement scheme (PRS) funds, bringing the total number of PRS funds it offers to eight.

The existing six PRS funds encompass three conventional and three syariah-based funds.

In a statement today, Public Mutual said the two new additions, namely Public Mutual PRS Equity Fund (PRS-EQF) and Public Mutual PRS Strategic Equity Fund (PRS-SEQF), seek to achieve long-term capital growth by investing in equities and collective investment schemes comprising a diversified portfolio of blue chip stocks, index stocks and growth stocks.

“Both funds will invest between 75% and 98% of their net asset value (NAV) in equities and hence offer the potential for higher returns over the long term,” it said.

For increased diversification, PRS-EQF and PRS-SEQF can invest up to 30% and 98% of their NAV respectively in selected foreign markets which include Asia, the United States and Europe markets.

Public Mutual said the initial issue price for PRS-EQF and PRS-SEQF is 25 sen per unit during the 21-day initial offer period from Sept 3 to 23.

The minimum initial contribution is RM100 for direct debit instruction and RM1,000 for lump sum contribution. The minimum additional contribution is RM100.

“The funds come with free insurance coverage (subject to terms and conditions) and contributors will also enjoy tax relief of up to RM3,000 per year,” Public Mutual added.