Public mutual launches six PRS

Public Bank Bhd's wholly-owned unit, Public Mutual Bhd, today launched six private retirement scheme (PRS) funds comprising conventional and syariah-based series to help individuals accumulate savings for retirement.

In a statement today, Public Mutual said the funds under the conventional series were PRS Growth Fund, PRS Moderate Fund and PRS Conservative Fund.

The syariah-based funds comprised PRS Islamic Growth Fund, PRS Islamic Moderate Fund and PRS Islamic Conservative Fund, it said.

Public Mutual said its PRS funds offered contributors the flexibility to choose from a broad range of funds suitable to their age, risk tolerance and contribution time horizon.

"Contributors are able to determine their contribution amount and frequency," it said.

The PRS funds would be managed by in-house professional fund managers to meet the long-term retirement objectives of the contributors, it said.

"The the initial issue price for PRS fund is 25 sen per unit. The minimum initial contribution is RM1,000 and the minimum additional contribution is RM100," it said.

Public Mutual is Malaysia's largest private unit trust company with more than 90 unit trust funds under management. It has over 2.7 million accountholders.

As at end-October 2012, the total net asset value of the funds managed by the company was over RM51 billion.