The CIMB-Principal ASEAN Total Return Fund, which was launched in Malaysia in March, and the CIMB-Principal Asia Pacific Dynamic Income Fund will be distributed in Singapore from 9 September, a report reveals.
They are the first funds to be passported under the new regime, which is designed to make it easier for ASEAN retail investors to purchase products in the other jurisdictions.
Valueable insight
Speaking about the asset manager’s newly launched total return fund, which was designed with ASEAN passporting in mind, the chief executive of CIMB-Principal Asset Management Berhad, Munirah Khairuddin, said: “With the implementation of the CIS framework, the cross-border offering of the fund to participating countries will enable us to grow the size of the fund.
“In addition, our presence and local expertise in the key ASEAN countries provide us useful and valuable insight to provide the desired investment returns for our investors.”
Khairuddin said the funds help investors tap into the growing ASEAN market, which has an emerging middle class and increased integration through trade agreements, including the Foreign Direct Investment agreement. The ASEAN passporting regime was launched in August last year.
A number of asset managers have qualified under the scheme, but have not yet been approved by the authorities for cross-border distribution.
