This fund has a maturity period of 2 year, something like an endowment but without the protection component in it though. The fund is linked to 3 banking giants:-
1) HSBC Holdings Plc
2) Citigroup Inc
3) Bank of America Corp
An estimated return of 5 to 6 percent doesn’t seem very attractive though, especially with a minimum of RM 5,000 investment.
Business Times on the new fund…
The GBSF has an approved size of 200 million units priced at RM1 per unit and sales charge of up to 1.5 per cent and an annual management fee of up to 0.8 per cent.
With a projected return of 5 to 6 per cent annually, the minimum investment is set at RM5,000 and additional investment during the offer period is RM1,000.
The fund is available from Monday with HSBC Bank Malaysia as the exclusive distributor.
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