Principal Asset Management Berhad ('Principal') has a compliance unit which is responsible to ensure that all business conducts and practices of the Company complies with securities laws, regulations and relevant guidelines which are gazetted and issued by the regulators.
The compliance unit reports directly to the board of directors and works closely with the senior management personnel on all compliance matters. The Unit also liaises with other departments within the Company to discharge the duties and functions effectively.
Other responsibilities include: Establishing, maintaining and administering the implementation of policies and procedures to detect and prevent breaches of securities laws, regulations and relevant guidelines; Preparing and tabling compliance reviews to the board of directors; Maintaining and reviewing compliance procedures for each area of the Company’s operation; Examining and investigating any irregularity in the Company’s operations; Assisting in training and educating staff members on compliance matters, industry and regulatory developments.
Principal has developed a set of "Rules of Business Conduct" which applies to all employees that set forth Principal's commitment to conduct its business lawfully with high credibility and integrity. The culture dictates that compliance is each employee's responsibility. Principal also has a Business Continuity Plan (BCP) in place that details the Company’s back-up plans for all key systems and proceeding of operations in the event of disaster.
Principal's risk management comprises dedicated risk management and compliance teams, and members of the investment committee.
The team works in tandem with the investment team to ensure the level of risk meets the expectations of clients' overall performance targets that are set against the appropriate benchmark. Portfolios are constructed and managed within pre-determined guidelines such as risk budgets that will be monitored regularly.
Principal has appointed the investment committee for the Funds, pursuant to the requirements under the Securities Commission Malaysia (SC) guidelines. The investment committee currently consists of six (6) members including four (4) independent members.
|Kim Teo Poh Jin | Chairman||Independent member|
|Yoon Mun Thim||Independent member|
|Peter James Warnes||Independent member|
|A.Huzaime bin Dato' Abdul Hamid||Independent member|
|Mohamad Safri Shahrul Hamid||Non-Independent member|
|Alejandro Elias Echegorri Rodriguez||Non-Independent member|
Generally, the investment committee meets once a month and is responsible for ensuring that the investment management of the Funds is consistent with the objectives of the Funds, the Deeds, the SC guidelines and relevant securities laws, any internal investment restrictions and policies of the Manager, as well as acceptable and efficacious investment management practices within the unit trust industry.
In this role, the powers and duties of the investment committee include formulating and monitoring the implementation by the Manager of appropriate investment management strategies for the Funds and the measurement and evaluation of the performance of the Manager.
The designated person for fund management function for all Principal Funds is the Chief Investment Officer:
Name: Patrick Chang Chian Ping
Designation: Chief Investment Officer, Malaysia
Experience: Patrick was appointed as the Chief Investment Officer, Malaysia on 22 February 2016. He comes with an extensive 15 year experience in asset management and is backed by numerous ASEAN awards from Malaysian pension funds in 2013 and 2015. He was previously the Head of ASEAN equities at BNP Paribas Investment Partners, Malaysia where he oversees ASEAN equities for both Malaysian and offshore clients from 2012. Prior to that, he served as Senior Vice President for Principal Asset Management where he specialised in Malaysia, ASEAN and Asia specialist funds. He also worked as a portfolio manager at Riggs and Co International Private Banking in London specializing in managing global ETF portfolios. MSc Finance from City University Business School and BSc Accounting and Financial Analysis from University of Warwick (Chevening Scholar), UK.
Investment Committee Members
Has been a Director of Principal Asset Management since 2 May 2013.
Huzaime has spent 27 years in various aspects of finance, economics, and public policy advisory. 12 of those years was spent as a fund manager, where he was, among others, a Chief Investment Officer with Alliance Capital Asset Management and as a member of the Pacific Region Team and a Global Commodities Specialist with Hong Kong's Jardine Fleming Investment Management which is now part of JP Morgan, Chase and Co. He was an independent Investment Committee member for 6 years for Principal Asset Management as well as being the same for Principal Islamic Asset Management and CIMB Wealth Advisors Berhad for several years. He also served as an independent Investment Committee member for CIMB Aviva Assurance and CIMB Aviva Takaful for two years.
Huzaime is the Chairman & CEO of Ingenium Advisors, a financial economics advisory established in 2013. He was, prior to that, the Head of Strategic Operations at Malaysia's Employees Provident Fund, where he was deeply engaged in the reform of the Malaysian pension and social security system, which resulted in the private pension system, minimum wages, and minimum retirement age acts.
Huzaime also spent several years serving as a Senior Fellow at the then renowned Institute of Strategic and International Studies (ISIS) Malaysia, reporting directly to its late Chairman, Tan Sri Noordin Sopiee. He was most active in economic, finance, and geostrategic issues. He was engaged heavily in OIC and East Asian matters, and was appointed the Deputy Secretary General for the Malaysian chapter of the Network of East Asian Think-tanks (NEAT). Huzaime speaks, thinks, and writes in 5 languages.
Master of Science, Financial Economics, School of Oriental and African Studies (SOAS), University of London, United Kingdom, 2010; Advanced Certificate in Russian Language from the Russian Centre for Science and Culture, Kuala Lumpur and the Pushkin State Institute of Russian Language, Moscow, Russia, 2009, Bachelor of Science, Economics, Louisiana State University, Baton Rouge Louisiana, United States of America, 1988.
Mohamad Safri bin Shahul Hamid
Deputy Chief Executive Officer/ Senior Managing Director
CIMB Islamic (CIMB Investment Bank)
|2011-present||Deputy Chief Executive Officer/ Senior Managing Director (since April 2014) – CIMB Islamic (CIMB Investment Bank)|
|2009 – 2011||Deputy Chief Executive Officer – MIDF Amanah Investment Bank, Kuala Lumpur|
|Feb 2008 – Dec 2008||Director – Global Markets & Regional Head, Islamic Structuring (Asia) of Deutsche Bank Dubai International Financial Centre (Dubai)|
|2003 – 2008||Director & Head – Debt Capital Markets, CIMB Islamic|
|2000 – 2003||Senior Analyst – Malaysian Rating Corporation Berhad|
Master of Business Administration (Globalisation) from Maastricht School Of Management, The Netherlands; Bachelor of Accounting (Honours) from International Islamic University Malaysia; Chartered Accountant (CA) with the Malaysian Institute of Accountants (MIA).
Alejandro Elias Echegorri Rodriguez
Chief Investment Officer, Principal Global Asset Management Asia
Director, i-Wealth Advisors Sdn Bhd
Director, CIMB Wealth Advisors Berhad
He is the Chief Investment Officer for Principal Global Asset Management in Asia and as such he is responsible for the overall investment strategy and the investment process for the group and for overseeing the management of pension, mutual funds and general accounts in the Asia as well as for supporting the overall development of the asset management business in the region. Prior to that Mr. Echegorri was Chief Executive Officer, ASEAN Region of Principal Asset Management Berhad, with responsibilities over Malaysia, Indonesia, Thailand and Singapore. Previously he was the Chief Investment Officer for Principal International in Latin America. He joined Principal in 2003 as Head of Institutional Asset Management and Chief Investment Officer for Principal Financial Group in Mexico. Prior to that, he was the Senior Investment Officer for Citibank’s Pension Fund Business in Latin America. He had also held different positions in the investment area in countries such as Uruguay, Argentina, Chile, Mexico and the United Kingdom.
Degree in Economics from the Universidad Mayor de la Republica, Uruguay and a Master in Economics degree from Universidad Centro de Estudios Macroeconomics de Argentina.
* Independent Member.
|Paid-up Share Capital||123,474,795||438,000,000||438,000,000||438,000,000|
|Profit or loss before tax||132,274,298||86,782,377||113,179,961||148,111,399|
|Profit or loss after tax||122,730,906||79,332,624||97,823,154||146,562,080|
Total Number of Fund and Total Value of Funds Under Management
As at 30 June 2020.
Total Value of Asset Under Management - RM 57.09 billion
Total Number of Fund
61 Conventional Unit Trust funds (including 2 Exchange-Traded Funds)
22 Islamic Unit Trust
10 PRS Funds
Amanie Advisors Sdn Bhd (''Amanie'')
Amanie is a Shariah advisory, consultancy, training and research and development boutique for institutional and corporate clientele focusing on Islamic financial services. It is a registered Shariah advisory company for Islamic unit trust with the Securities Commission Malaysia (SC). Amanie was established with the aim of addressing the global needs for experts' and Shariah scholars' pro-active input. This will ultimately allow the players in the industry to manage and achieve their business and financial goals in accordance with the Shariah Principles.
The roles of Shariah Adviser are:
1. Ensure that the Fund is managed and administered in accordance with Shariah Principles.
2. Provide expertise and guidance in all matters relating to Shariah Principles, including on the Fund's deed and prospectus, its structure and investment process, and other operational and administrative matters.
3. Consult with SC where there is any ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process.
4. Act with due care, skill and diligence in carrying out its duties and responsibilities.
5. Responsible for scrutinising the Fund's compliance report as provided by the compliance officer and investment transaction reports provided by, or duly approved by, the Trustee to ensure that the Fund's investments are in line with Shariah Principles.
6. Prepare a report to be included in the Fund's interim and annual reports certifying whether the Fund have been managed and administered in accordance with Shariah Principles for the period concerned.
With more than fourteen (14) years of experience in the advisory role of unit trusts, Amanie has to date managed more than 170 funds locally and globally.
Datuk Dr. Mohd Daud Bakar
Executive Chairman, Amanie Advisors Sdn Bhd
Datuk Dr. Mohd Daud Bakar is the Founder and Executive Chairman of Amanie Group. One of its flagship companies namely Amanie Advisors, is operating in few cities globally. He currently serves as the Chairman of the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia, the Labuan Financial Services Authority, the First Abu Dhabi Bank, and Permodalan Nasional Berhad. He is also a Shariah board member of various global financial institutions, including the National Bank of Oman (Oman), Amundi Asset Management (France), Bank of London and Middle East (London), BNP Paribas Najma (Bahrain), Natixis Bank (Dubai), Oasis Asset Management (South Africa), Noor Islamic Bank (Dubai), Morgan Stanley (Dubai), Sedco Capital (Saudi and Luxembourg), and Dow Jones Islamic Market Index (New York) amongst many others.
Prior to this, Datuk was the Deputy Vice-Chancellor at the International Islamic University Malaysia. He received his first degree in Shariah from University of Kuwait in 1988 and obtained his PhD from University of St. Andrews, United Kingdom in 1993. In 2002, he completed his external Bachelor of Jurisprudence at University of Malaya.
Chief Executive Officer, Amanie Advisors Sdn Bhd
Suhaida Mahpot joined Amanie in 2008 and was amongst the pioneers in the company. She is a specialist in sukuk advisory and has been partnering with Datuk Dr Mohd Daud Bakar for the last 10 years to advise numerous sukuk locally and internationally. Apart from sukuk advisory, her primarily focus is on Shariah governance, structuring, enhancement and conversion exercises, establishment of Islamic financial entities as well as development of Islamic products.
She holds a Bachelor of Economics (Islamic Economic and Finance) from International Islamic University Malaysia, and currently pursuing MSc in Islamic Finance with INCEIF.
Designated person for Shariah Matters;
Ahmad Anas Fadzil
Senior Consultant, Amanie Advisors Sdn Bhd
Ahmad Anas focuses on advising and delivering projects for various global Islamic financial services and Shariah compliant products and instruments. Prior to joining Amanie Advisors, he was attached with Sigur Ros for Turkey’s Project of Century: Turkish Republic North Cyprus Water Supply project as the Project Accountant based in Turkey.
Ahmad Anas holds a Master of Islamic Finance (MSc) from The Global University of Islamic Finance (INCEIF) and is an accounting graduate from MARA University of Technology (UiTM) and holds a professional certification of Certified Islamic Public Accountant (CIPA) from Accounting and Auditing Organisation for Islamic Financial Institution (AAOIFI).
Nurul Liyana Kasman
Consultant, Amanie Advisors Sdn Bhd
Nurul Liyana holds Master of Science in Finance from International Islamic University of Malaysia (IIUM) and graduated with a Bachelor of Business Administration (HONS) Islamic Banking from Universiti Teknologi Mara (UiTM). She was previously attached to Amanie Global Technology Sdn Bhd doing market research and evaluation of modules for Islamic core banking system. She then joined Amanie Nexus Sdn Bhd where she was involved in assisting investors and fund managers to identify and monitor Shariah compliance stock for investment.
Assistant Consultant, Amanie Advisors Sdn Bhd
Muhammad Hafizuddin graduated with a Bachelor of Business Administration (HONS) Islamic Banking from Universiti Teknologi Mara (UiTM). He was exposed to the financial and Shariah advisory services such as Shariah stock screening, monitoring and compliance review during his internship with Amanie.
Principal Asset Management (S) Pte. Ltd. (“Principal Singapore”)
- Principal DALI Equity Fund (formerly known as CIMB Islamic DALI Equity Fund) (foreign portion)
- Principal DALI Asia Pacific Equity Growth Fund (formerly known as CIMB Islamic DALI Asia Pacific Equity Growth Fund) (foreign portion)
- Principal Islamic Lifetime Balanced Fund (formerly known as CIMB Islamic Balanced Fund) (foreign portion)
- Principal Asia Titans Fund (formerly known as CIMB-Principal Asian Equity Fund)
- Principal China-India-Indonesia Opportunities Fund (formerly known as CIMB-Principal China-India-Indonesia Equity Fund)
- Principal Titans Growth & Income Fund (formerly known as CIMB-Principal Equity Growth & Income Fund) (foreign portion)
- Principal Titans Income Plus Fund (formerly known as CIMB-Principal Equity Income Fund) (foreign portion)
- Principal Global Titans Fund (formerly known as CIMB-Principal Global Titans Fund)
- Principal Asia Pacific Dynamic Income Fund (formerly known as CIMB-Principal Asia Pacific Dynamic Income Fund)
- Principal Asia Pacific Dynamic Income Fund (formerly known as CIMB-Principal Asia Pacific Dynamic Income Fund)
- Principal Asia Pacific Dynamic Mixed Asset Fund (formerly known as CIMB-Principal Asia Pacific Dynamic Mixed Asset Fund)
- CIMB-Principal Asia Pacific Target Return Fund 1
- Principal Dynamic Growth Fund (formerly known as CIMB-Principal Dynamic Growth Fund)
Principal Asset Management Berhad (“Principal Malaysia”) has appointed Principal Singapore as the Sub-Manager for the above funds, and was granted the discretion to manage, realise, invest, reinvest or howsoever deal with the respective portion of these funds allocated to foreign investments in accordance with the investment objectives of each of these funds. The Sub-Manager’s discretionary authority over the foreign investments of these funds is subject to the Guidelines on Unit Trust Funds issued by the Securities Commission Malaysia, the Capital Markets and Services Act 2007 and the internal policies and procedures.
Principal Malaysia shall be responsible for the review, monitoring and oversight of Principal Singapore in the performance of its duties and obligations in respect of these funds.
Principal Singapore was incorporated in Singapore on 18 May 2006, and has been in the fund management industry for more than ten (10) years. The company is a wholly-owned subsidiary of Principal Malaysia. Principal Singapore is a regional asset management company established in Singapore offering both Islamic and conventional fund management services. The company manages regional investment activities for the Principal Asset Management group of companies.
Principal Singapore is a licensed fund manager regulated by the Monetary Authority of Singapore. The company is the Fund Manager for the CIMB FTSE ASEAN 40 ETF and several other discretionary accounts and SGD 3.9 billion in Assets Under Management as of 31 December 2018.
Board of Directors of Principal Asset Management (S) Pte. Ltd.
Christopher Leow, Chief Executive Officer and Chief Investment Officer.
Alejandro Elias Echegorri Rodriguez, Director.
Lum Joy Deng, Director.
Principal Global Investors, LLC (“PGI”)
Sub-Manager for Principal Global Millennial Equity Fund
PGI was appointed as the Sub-Manager for the above fund(s). As the Sub-Manager, PGI is responsible for the investment management function of the fund(s), which granted it with the discretion to manage, realize, invest, reinvest or howsoever deal with the fund(s) in accordance with the investment objective of the fund(s). The Sub-Manager’s discretionary authority over the investments of the fund(s) is subject to the Guidelines on Unit Trust Funds issued by the Securities Commission Malaysia and the internal policies and procedures. Principal Asset Management Berhad shall be responsible for the review, monitoring and oversight of PGI in the performance of its duties and obligations in respect of the fund(s).
PGI is a global investment management leader and wholly-owned subsidiary of the Principal Financial Group® (“The Principal®”), a public company listed on the New York Stock Exchange under ticker symbol PFG. The Principal® was founded in 1879, began managing retirement assets in 1941, and today operates four primary business segments: Principal Global Investors, Retirement and Investor Services, Principal International, and Insurance Solutions.
PGI was formed as a Delaware Limited Liability Company in 1998 and became a registered investment advisor with the U.S. Securities and Exchange Commission on October 26, 1998 bringing together more than six decades of asset management experience of the company into a single organization. There have been no major organizational or ownership changes to the firm since inception.
The multi-boutique strategy of PGI enables it to provide comprehensive investment solutions for its clients and encompasses a growing network of specialized investment boutiques and teams with focused expertise in equities, fixed income, real estate, and asset allocation, as well as currency management, stable value management, and other structured investment strategies.
Principal Global Equities (“PGE”) is a specialized investment management group within PGI. PGE has been investing in global equity markets since 1987 and Principal now manages more than US $675.4 billion of assets, which includes over US $442.4 billion of assets managed by Principal Global Investors as of 31 March 2019. PGE provides client-focused active fundamental strategies and systematic solutions across equity markets worldwide.
Key person responsible for investment management of the Fund
Jeffrey A. Schwarte, CFA - Portfolio Manager
Jeff is a portfolio manager for Principal Global Equities. He co-leads the firm’s global systematic solutions team, responsible for model development and testing, proprietary technologies and risk management analytics for the firm’s fundamental and systematic strategies. He is a portfolio manager for several custom US, international and global systematic strategies and many of the firm’s active strategies. He joined the equities group in 2000 as an analyst, and was named a portfolio manager in 2001. He has been with Principal since 1993, holding various positions with the firm such as investment accountant and auditor. He received a bachelor's degree in accounting from the University of Northern Iowa. Jeff has earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Society
Christopher Ibach, CFA - Portfolio Manager
Chris is a portfolio manager for Principal Global Equities. He specializes primarily in the management of global strategies, integrating fundamental and quantitative research . Chris also leads our advanced research and development initiatives, including ongoing alignment with the Principal data science team, which leads the coordination of our growing community of university and expert network resources. Chris has served as a key contributor to the firm’s research and development efforts for more than a decade, including model development for the firm’s proprietary stock selection models, portfolio construction, and risk management tools. He joined the firm in 2000 as an equities research analyst, specializing in the analysis of international technology companies and was named a portfolio manager in 2002. Previously, Chris gained six years of research and development experience with Motorola, Inc. He received an MBA in finance and a bachelor's degree in electrical engineering from the University of Iowa. Chris has earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Institute.
Steven Larson - Portfolio Manager - Global Equities
Steven is a Portfolio Manager for Principal Global Equities. He specializes primarily in the management of global large cap strategies. Steven began his career at Principal in 1992 and held several roles including co-managing international equity portfolios primarily for institutional and retirement plan clients. He also directly participated in the development of the firm’s first global equity strategy in 2002. Before rejoining Principal in 2019, Steven served as a partner and portfolio manager for international equities at Arbor Capital Management, LLC and later as managing director, portfolio manager for international equities at Winslow Capital Management (an affiliate of Nuveen/TIAA). He received an MBA in Finance from University of Minnesota, Carlson School of Management and a bachelor's degree in Finance from Drake University. Steven has earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Institute.
Principal Real Estate Investors, LLC
Sub-Manager for Principal Global Real Estate Fund
Principal Global Investors is a global asset management leader and a member of the Principal Financial Group, serving pension and institutional clients since 1841. Principal Real Estate Investors, LLC is a wholly owned subsidiary of Principal Global Investors, LLC and a member of Principal. Principal Real Estate Investors, LLC is a dedicated real estate group builds upon a vertically-integrated platform, incorporating all disciplines of commercial real estate. Drawing from over 6 decades of investment experience and the knowledge and relationships of over 230 real estate investment professionals, we provide our clients with access to opportunities across the spectrum of public and private equity, public debt and private debt investment, Principal Real Estate Investors has earned a reputation as a trusted advisor and built a top-tier investment platform. The
breadth of our capabilities provides a distinct perspective on real estate and capital markets and enables us to deliver the investment solutions our global client base desires.
As the Sub-Manager of the Fund, Principal Real Estate Investors, LLC is responsible for the fund management function of the Fund in accordance with the investment objective and within the investment parameters, restrictions and limits of the Fund.
Given the size and scope of our operations, it is not uncommon for Principal Real Estate Investors LLC to be involved in litigation, both as a defendant and as a plaintiff. However, management does not believe that any pending litigation will have a material adverse effect on our business, financial position or net income.
1. Key management staff of Principal Real Estate Investors - Global Real Estate Securities: Global Portfolio Management Team
|Name:||Kelly Rush, CFA|
|Designation:||Chief Investment Officer|
|Experience:||As head of global real estate securities, Kelly directs the domestic and global real estate investment trust (REIT) activity for Principal Real Estate Investors, the dedicated real estate unit of Principal Global Investors.
He has experience in both separate account and pooled fund management and has been managing real estate stock portfolios since 1997.
Previously, Kelly participated in structuring commercial mortgage loans for public real estate companies and the analysis of real estate investment trust issued bonds. He has been with the real estate investment area of the firm since 1987.
|Qualifications:||Kelly received an MBA in business administration and a bachelor's degree in finance from the University of Iowa. He has earned the right to use the Chartered Financial Analyst designation. Kelly is a member of the Iowa Society of Financial Analysts and the CFA Institute.|
|Name:||Koh Shern Ling, CFA|
|Designation:||Portfolio Manager, Real Estate Securities|
|Shern is a portfolio manager for Principal Real Estate Investors, the dedicated real estate unit of Principal Global Investors. He is responsible for researching Asian Pacific listed property securities for the team’s global real estate strategies. Shern joined the firm in early 2014. He was previously the CEO/CIO at OSK International Asset Management where he managed all investment mandates for their public and private equity business in Singapore. He served as an investment analyst at Fidelity International Ltd from 2007 to 2011 where he was responsible for identifying publicly listed real estate securities investment opportunities for Fidelity’s global funds.|
|Qualifications:||Shern received his bachelor’s degree from Cambridge University, a master’s degree from Yale University, and an MBA from Harvard Business School. He has earned the right to use the Chartered Financial Analyst designation and speaks Mandarin and French.|
2.Key management staff of Principal Real Estate Investors, Commercial Mortgage Backed Securities (CMBS): Global Portfolio Management Team
|Name:||Marc Peterson, CFA|
|Designation:||Chief Investment Officer|
|Experience:||Marc is a managing director, portfolio management at Principal Real Estate Investors, the dedicated real estate group of Principal Global Investors. He is responsible for affiliated and non-affiliated CMBS investment strategies for PGI with current AUM of $9.3B. He manages a team of eight professionals who are responsible for due diligence and modeling of all CMBS opportunities. Recommendations are based on a combination of credit analysis and relative value within CMBS and other fixed income asset classes.Marc joined the firm in 1992. Prior to his current role, he was an accountant for The Principal Financial Group.|
|Qualifications:||He received an MBA from Drake University and a bachelor's degree in accounting from Luther College. Marc has earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Institute. He is also a member of the CRE Financial Council.|
|Name:||Scott M.Carson, CFA|
|Designation:||Director – Portfolio Manager|
|Experience:||Scott is director - portfolio manager at Principal Real Estate Investors, the dedicated real estate group of Principal Global Investors. He is responsible for the management of affiliated and non-affiliated CMBS portfolios. He previously performed pricing, hedging and valuation functions for Principal Real Estate Investors' CMBS issuance program as well as developing real estate strategies and products as part of the new business development team.|
|Qualifications:||Scott received a bachelor's degree in finance from Iowa State University. Additionally, he has earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Institute.|
Fund Outsourcing Providers
Deutsche Trustee Malaysia Berhad
The Manager has appointed Deutsche Trustee Malaysia Berhad to provide fund administration and fund accounting services. It is a wholly owned subsidiary of Deutsche Bank A.G. has built up an established presence in Kuala Lumpur since 1967.
Deutsche Trustee Malaysia Berhad’s roles and responsibilities include keeping proper records, performing valuations of the investments and fund accounting services, which would encompass the following services:
- Maintaining financial accounting record of portfolios including all transactions data, records and investment ledgers;
- Monitoring and recording of corporate actions;
- Performing cash and securities reconciliation with financial institutions and custodian records;
- Performing valuation of the investments and the Fund;
- Provision of a reporting package which includes the following:
- Statement of Assets and Liabilities
- Statement of Income and Expenditure
- Portfolio Valuation Report
- Transaction schedules
- Providing relevant information to facilitate the preparation of statistical returns for submission to regulatory bodies;
- Submitting accounts/accounting records to the appointed external auditors and providing relevant information for disclosure in the annual financial statements (whenever applicable)
HSBC (Malaysia) Trustee Berhad
The manager outsourced its fund valuation function to HSBC (Malaysia) Trustee Berhad (“HSBC”). HSBC is responsible to compute the fund’s NAV based on the method of calculation set out in the fund’s offering document and in accordance with the manager instruction.
HSBC (Malaysia) Trustee Berhad is a company incorporated in Malaysia since 1937 and registered as a trust company under the Trust Companies Act 1949, with its registered address at 13th Floor, Bangunan HSBC, South Tower, No. 2, Leboh Ampang, 50100 Kuala Lumpur. Since 1993, the Trustee has acquired experience in the administration of trusts and has been appointed as trustee for unit trust funds, exchange traded funds, wholesale funds and funds under private retirement scheme.
Funds outsourced to HSBC (Malaysia) Trustee Berhad;
- Principal Emerging Markets Multi Asset Fund (formerly known as CIMB-Principal Emerging Markets Multi Asset Fund)
- Principal US Mortgage Fund (formerly known as CIMB-Principal US Mortgage Fund)
- Principal Global Preferred Securities Fund (formerly known as CIMB-Principal Preferred Securities Fund)
- Principal China Multi Asset Income Fund (formerly known as CIMB-Principal China Multi Asset Income Fund)
- Principal Global Income Fund (formerly known as CIMB-Principal Global Income Fund)
- Principal China Direct Opportunities Fund (formerly known as CIMB-Principal China Direct Opportunities Fund)
- Principal World Selection Conservative Fund
- Principal World Selection Moderate Conservative Fund
- Principal World Selection Moderate Fund
- Principal World Selection Moderate Aggressive Fund
- Principal World Selection Aggressive Fund
- Principal Islamic Global Sukuk Fund (formerly known as CIMB Islamic Global Sukuk Fund)
The compliance officer for Principal Asset Management Berhad is:
Mr. Irwan Bin Md Rejap
Tel: +603 2084 8987