01-07-2008: CIMB-Principal manages CIMB Wealth Advisors funds (www.theedgedaily.com)

KUALA LUMPUR: CIMB-Principal Asset Management Bhd started to manage, beginning yesterday, all of CIMB Wealth Advisors Bhd’s conventional unit trust funds except for the CIMB-Principal KLCI-Linked Fund, CIMB Group said in a statement.

It said, concurrently, the Islamic funds of both CIMB-Principal and CIMB Wealth Advisors would now be managed by CIMB-Principal Islamic Asset Management Sdn Bhd.

CIMB said these moves were in line with CIMB-Principal and CIMB Wealth Advisors’ efforts to streamline their business activities.

CIMB-Principal chief executive Datuk Noripah Kamso said with the rationalisation, it would focus on manufacturing and managing conventional unit trust funds while CIMB Wealth Advisors would concentrate on distributing and packaging investment products.

Meanwhile, CIMB Wealth Advisors CEO Tan Beng Wah said 16 conventional funds were transferred from CIMB Wealth Advisors to CIMB-Principal. “We will undertake the distribution of CIMB-Principal’s funds to retail investors while continuing to manage the CIMB-Principal KLCI-Linked Fund.”

He said CIMB Wealth Advisors would continue to be a multi-financial services and product platform, serving the growing needs of customers by offering unit trust funds, insurance and other investment products.
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