Hong Leong Asset Management Announces Its First Private Retirement Scheme (PRS)

Dated 18-01-2023


Kuala Lumpur, 18 January 2023 - Hong Leong Asset Management Bhd (“Hong Leong AM”)’s first Private Retirement Scheme (“PRS”) – Hong Leong PRS-Conventional (“Hong Leong PRS”) is now available through Hong Leong AM offices and agency forces nationwide. The roll out of the Hong Leong PRS establishes Hong Leong AM as the latest PRS Provider in Malaysia, committed to helping Malaysians save up for their retirement.
The Hong Leong PRS is a voluntary scheme offered to the public with the purpose of providing an avenue to accumulate and diversify retirement savings under a well–structured, regulated environment. The four (4) funds under the Hong Leong PRS are: Hong Leong PRS Growth Fund, Hong Leong PRS Moderate Fund, Hong Leong PRS Conservative Fund (core fund category), and the Hong Leong PRS Asia Pacific Fund (non-core fund category). Customers may choose to invest based on their retirement needs, risk appetite and age profile.
With the Employees Provident Fund (“EPF”) stating recently that 68% of its members do not have the minimum requirement for retirement (RM240,000) in their EPF accounts, Hoo See Kheng, Chief Executive Officer of Hong Leong AM says the launch of the Hong Leong PRS is timely as Malaysians are starting to rebuild and fortify their financial safety net for the future.
“At Hong Leong AM, we believe financial planning, especially for retirement, has to be reimagined to be inclusive and accessible for all Malaysians. We are committed to promoting better retirement planning, especially among young investors, which can contribute to overall sustainable economic growth. The Hong Leong PRS is a holistic scheme that gives you the opportunity to diversify your retirement funds by investing in various avenues like equity, fixed income, money markets, or balanced collective investment schemes, allowing investors to optimise their retirement savings hassle-free.”
Husaini Hussin, Chief Executive Officer of Private Pension Administrator Malaysia (“PPA”) said, “We are pleased to have Hong Leong AM on board as our ninth PRS Provider, as this offers Malaysians a new opportunity to complement their existing mandatory retirement scheme. A comfortable and financially secured retirement is definitely an achievable goal, but it requires discipline and commitment. By combining regular saving habits with thoughtfully curated PRS funds offered by a Securities Commissions Malaysia (“SC”)-approved PRS Provider, we are confident that Malaysians can transition into their retirement phase with a peace of mind.”
The minimum initial subscription amount of the Hong Leong PRS is RM100 while the minimum additional subscription amount is RM50. Valid until 2025, PRS members who invest in PRS will be eligible to claim tax reliefs of up to RM3,000. Depending on the PRS member’s tax bracket, this could mean a tax savings of up to RM900.
About Hong Leong Asset Management Bhd (“Hong Leong AM”):
Hong Leong AM is an asset management company within the Hong Leong Financial Group of companies. Hong Leong AM establishes and distributes unit trust funds, wholesale funds, customised portfolio solutions and Private Retirement Scheme to the retail and institutional segments. Hong Leong AM’s wholly-owned subsidiary, Hong Leong Islamic Asset Management Sdn Bhd (“HLISAM”) is an Islamic fund management company (IFMC) licensed by the Securities Commission Malaysia (“SC”) on 18 November 2019 for the regulated activity of Islamic fund management.
Visit www.hlam.com.my for more information on the Hong Leong PRS - Conventional.
Media contact:
Jasemaine Gan
Manager, Marketing & Customer Experience – Hong Leong Asset Management Bhd
DID: +603 2081 8607
This press release has not been reviewed by the Securities Commission Malaysia.
Before investing, investors are advised to read and understand the contents of the following:
  • Hong Leong Private Retirement Scheme – Conventional (“Hong Leong PRS”) Disclosure Document (“DD”) dated 20 December 2022 and the Product Highlight Sheet (“PHS”).
A copy of the DD and PHS for the Hong Leong PRS can be obtained from any of Hong Leong Asset Management Bhd’s offices, or authorised distributors and investors have the right to request for it. Investors are advised to consider the fees and charges involved before investing. Prices of units and distributions payable, if any, may go down or up and past performance is not a guarantee of future performance. Investors are advised to be aware of the risks associated with each fund before investing. The Hong Leong PRS may not be suitable for all and if in doubt, investors should seek independent professional advice.

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