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Interview with a Unit Trust Leader

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Azizah pernah ‘cuci rambut’ kawan untuk cari duit poket

Azizah.


Mukadimah
SEBAHAGIAN daripada kita mungkin pernah dilanda rasa bosan dengan pekerjaan yang dilakukan. Berpuluh tahun melakukan rutin sama sehingga kadangkala bagaikan ‘mengheret’ kaki ke pejabat setiap pagi.

Terikat dengan pelbagai komitmen, keinginan untuk berubah kerjaya kerap terbantut apatah lagi apabila gagal mencari kerjaya lain yang sesuai.

Begitupun, bak kata Pengurus Agensi Kumpulan (GAM) Public Mutual, Azizah Saad, 39, kalau tidak dipecahkan ruyung manakan dapat sagunya. Setiap perubahan yang ingin dilakukan pasti ada risiko, terpulang kepada kemahuan dan keazaman untuk menjayakannya.

Ini juga adalah antara kunci kejayaan ibu tunggal kepada tiga cahaya mata, Sharifah Aisyah Akmal Syed Ahmad Akmal, 14, Syed Aiman Akmal, 12, dan Syed Aniq Akmal, sehingga meraih gelaran sebagai perunding unit amanah nombor satu bagi bumiputera dan ke dua terbaik bagi keseluruhan di Public Mutual.

Ikuti temu bual bersama wartawan, Siti Zaleha Jorimai dan jurugambar, Halim Khalid bersama wanita cemerlang ini.

Keluarga: Apakah sebenarnya unit amanah?

Azizah: Unit amanah ialah skim pelaburan kolektif yang diurus secara profesional dengan mengumpulkan wang seorang individu dan ribuan pelabur lain. Pengurus pelaburan yang pakar kemudian akan melaburkan wang tersebut bagi pihak pelanggan untuk mencapai sasaran yang ditetapkan mengikut matlamat pelaburan dana tersebut

Apa pula peranan perunding unit amanah (UTC) seperti anda?

Secara profesionalnya, kami bolehlah dikatakan perunding perancang kewangan. Kami membantu individu merancang simpanan mereka dalam tempoh sederhana (tiga tahun) dan jangka panjang (lebih lima tahun).

Setiap orang mempunyai matlamat berbeza. Di sinilah peranan kami bermula, dengan memberi pelan perancangan simpanan yang bersesuaian dengan individu tersebut.

Kami sekadar memberi panduan. Pilihan dan bentuk simpanan masih terpulang kepada individu berkenaan. Memanglah pelaburan yang dibuat ada turun naik mengikut harga pasaran, tetapi risikonya amatlah rendah dan kita boleh mengendalikan risikonya dengan baik

UTC yang komited dan terlatih akan membantu pelanggan mencapai matlamat pelaburan tersebut.

Mungkin anda ada panduan dalam memilih unit amanah yang terbaik?

Pertamanya, individu tersebut perlu memahami objektif simpanan tersebut sama ada untuk pendidikan, pembelian harta, simpanan untuk hari tua dan sebagainya. Seterusnya, mereka mesti bijak mencari syarikat pengendali unit amanah yang konsisten dalam memberi pulangan dan keuntungan.

Komitmen seorang UTC juga penting bagi individu tersebut mendapat khidmat nasihat yang terbaik terhadap pelaburan mereka.

Bagaimana mahu dari segi membina kerjaya sebagai UTC berjaya?

Kerjaya ini menjanjikan pendapatan mengikut seberapa banyak anda mahu. Apa yang penting kesungguhan dan kesanggupan untuk berkerja keras kerana kerjaya ini adalah perniagaan anda dengan modal serendah RM247.50 (yuran peperiksaan Persekutuan Pengurusan Unit Amanah Malaysia sebagai lesen menjadi UTC).

Dalam pada masa sama, pastikan syarikat yang disertai mempunyai catatan rekod yang cemerlang dan konsisten dalam memberi keuntungan kepada perunding dan pelabur.

Bagi saya ada tiga kunci utama untuk berjaya dalam bidang ini iaitu komitmen, boleh menerima tunjuk ajar dan keinginan atau kemahuan yang tinggi. Dengan ketiga-tiga ciri ini sesiapa pun boleh buat tidak kira lepasan universiti atau lulus sekadar lulus Sijil Pelajaran Malaysia (kelayakan minimum).

Boleh ceritakan perjalanan anda dalam mencapai kejayaan seperti sekarang?

Selepas tamat kursus kesetiausahan di Institut Teknologi Mara (sekarang UiTM) pada 1989 saya sempat bekerja sebagai setiausaha di bank. Sekian lama bekerja di situ, saya sedar kerja makan gaji tidak membawa saya ke mana-mana.

Saya kuat percaya untuk kaya hanya dengan berniaga. Dalam Islam sendiri menyebut sembilan daripada 10 rezeki melalui perniagaan.

Sebenarnya, dari zaman sekolah lagi saya sudah pandai cari duit sendiri. Saya bekerja di restoran dengan umpah RM4. Keluarga saya orang susah, bapa kerja nelayan dan emak pula suri rumah. Abang dan kakak saya tidak berpeluang bersekolah tinggi semata-mata untuk memberi laluan kepada adik-adiknya mendapat pendidikan yang lebih baik.

Ketika ditawarkan masuk ITM, berdikit-dikit ayah kumpul duit untuk bayar yuran dengan dibantu abang. Masa di kolej juga saya cuba cari duit sendiri. Saya ‘ambil upah’ mencuci rambut kawan-kawan, dapat 50 sen seorang, lepaslah duit makan. Saya pernah juga beli nasi lemak di luar kemudian saya jual balik pada kawan-kawan di kolej dengan mengambil untung sedikit.

Walaupun apa yang saya lakukan nampak kecil, sebenarnya ia memberi pengalaman dan pengajaran berguna pada saya terutama dalam memahami dunia perniagaan.

Sebelum menyertai unit amanah, segala bentuk perniagaan saya buat daripada jualan langsung hingga kepada menjadi agen insurans. Ketika itu walaupun tidak mempunyai ramai kenalan di Kuala Lumpur, saya beranikan diri menegur dan menghubungi sesiapa saja yang berpotensi menjadi pelanggan saya. Cubaan menjadi agen insurans berhasil sehingga meraih pendapatan sekurang-kurangnya RM5,000 sebulan. Ketika itu saya mengambil keputusan berhenti kerja tetap kerana tidak mampu mengimbangi dua pekerjaan sekali gus.

Ketika situasi insurans kurang memberangsangkan disebabkan kejatuhan ekonomi pada 1998, pendapatan saya merosot sehingga ke RM1,500. Saya nanik, tetapi bernasib baik mendapat peluang menjadi UTC selepas diperkenalkan oleh seorang rakan.

Apakah cabaran yang dihadapi selepas menyertai unit amanah?

Saya menyertai bidang ini dengan pengetahuan yang kosong dan tak tahu apa yang saya jual. Namun, saya punya keinginan yang kuat dan berusaha mendalami setiap aspek perniagaan ini.

Selepas melalui saat jatuh bangun, Alhamdulillah, berkat kerja keras dan kesungguhan akhirnya berhasil. Pada tahun lepas saja jualan kumpulan saya mencecah RM122 juta. Saya mempunyai seramai 200 UTC dan seorang GAM terus di bawah saya.

Saya menyimpan cita-cita untuk menghasilkan 50 GAM dalam tempoh 10 tahun lagi. Saya yakin ia mampu dicapai jika ada kesungguhan dan keazaman.

Apa resipi kejayaan anda sehingga ke tahap sekarang?

Sebagai UTC , pertama sekali sanggup berhadapan dan menerima risiko ditolak. Saya selalu ingatkan kepada anak-anak didik saya bahawa penolakan bukanlah sesuatu yang peribadi sehingga boleh menyebabkan kita jatuh. Sebaliknya, dijadikan pendorong untuk terus berusaha.

Keduanya, saya memilih orang yang tepat untuk saya rekrut. Memilih orang yang tepat tidak bermakna yang berpendidikan tinggi saja sebaliknya, mereka yang menunjukkan kesanggupan untuk berusaha. Kalau diletakkan sasaran dia akan memastikan sasaran itu dapat dicapai. Sebagai ketua yang baik saya juga perlu bijak untuk memberi motivasi kepada orang di bawah saya untuk terus bersemangat.

Melayu masih lemah sistem kewangan

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Oleh: LUKMAN MOIDIN

APABILA timbul skim cepat kaya dan pelaburan menerusi Internet, orang Melayu yang paling ramai berhimpun mendengar cerita dan sanggup menghabiskan wang untuk menyertainya.

Sedangkan orang Melayu tidak pernah mempersoalkan di mana wang itu dilaburkan dan siapa yang menguruskan dana tersebut. Betapa singkatnya minda bangsa kita untuk mendapatkan wang dengan cara mudah hanya dengan menaja beberapa orang kononnya akan mendapat pulangan yang lumayan.

Tetapi apabila terdapat sistem kewangan yang dipantau oleh kerajaan, kebanyakan kita mempersoalkan halal dan haram dan perkara remeh yang sengaja diperbesarkan untuk menyempitkan minda bangsa sendiri.

Dalam membicarakan soal-soal kewangan, orang Melayu agak jauh ketinggalan dalam sistem kewangan seperti bidang insurans, unit amanah dan lain-lain produk kewangan yang mendapat kelulusan kerajaan dan di bawah pemantauan Bank Negara.

Kelemahan ini wujud hampir di semua lapisan masyarakat Melayu dari yang berpendidikan tinggi hingga kepada mereka yang berpendidikan rendah. Amat mendukacitakan untuk mengakui bahawa hampir 80 peratus golongan profesional Melayu masih kurang memahami mengenai sistem perancangan kewangan yang boleh membantu menjana ekonomi keluarga mereka.

Sikap tertutup bangsa Melayu seperti ‘katak bawah tempurung’ masih tebal dalam soal membicarakan pengurusan kewangan khususnya melalui penasihat kewangan yang bertauliah. Malah keadaan ini juga mungkin disebabkan sikap negatif diri mereka sendiri (paling ramai) dan kemungkinan sikap ajen dan penasihat kewangan yang tidak profesional dan beretika.

Dalam membina kekuatan ekonomi, tugas perunding kewangan insurans dan wakil takaful adalah sangat penting demi memberikan pemahaman yang baik untuk bangsa kita mengubah paradigma dalam pengurusan kewangan.

Namun kekesalan utama bidang kewangan ini ialah apabila ada wakil takaful menjalankan tugas tanpa etika profesional semasa berurusan dengan pelanggan. Apa yang berlaku di depan mata menyebabkan penulis terfikir mengenai sistem dan amalan perniagaan takaful yang kononnya ‘Islamik’ adalah benar-benar tidak beretika.

Daripada 10 penasihat takaful yang ada, saya berani mengatakan hanya seorang dua daripada mereka menjual produk syarikat dengan profesional, dan selebihnya memburukkan syarikat insurans konvensional dengan pelbagai tohmahan kononnya haram dan tidak Islam. Malah di kalangan penasihat takaful juga mereka memburukkan syarikat takaful yang lain demi menambat hati pelanggan.

Untuk pengetahuan, ramai penasihat takaful berhijrah dari sebuah syarikat ke syarikat takaful yang lain demi mengejar komisen dan ganjaran. Apa yang berlaku ini adalah realiti yang menjejaskan reputasi takaful yang dilihat sebagai sistem kewangan Islam. Malah pemegang polisi menjadi mangsa apabila wujud pelbagai masalah yang berlaku disebabkan sikap penasihat takaful yang mementingkan diri sendiri.

Bank Negara melalui badan khas yang mempunyai kuasa perlu menyiasat bagaimana begitu ramai pelanggan insurans konvensional yang menamatkan polisi mereka melalui usaha wakil takaful yang bermoral rendah ini. Terdapat banyak bukti pelanggan dihasut dan diminta menulis surat memberhentikan polisi yang telah dibayar bertahun-tahun kerana dikatakan ‘haram’ menggunakan wang tersebut.

Sepatutnya menjadi dasar Bank Negara untuk bertindak tegas jika amalan ini dikesan. Maklumat atau info insurans yang dikeluarkan oleh BNM melalui kerjasama syarikat insurans dan takaful di dada-dada akhbar yang tertulis “Membeli polisi insurans hayat, jangan jadi mangsa kepada penukaran polisi” jelas tidak diendahkan oleh kebanyakan wakil takaful. Adakah info tersebut hanya sekadar melepaskan batuk di tangga dan tiada usaha konkrit menanganinya? Kita bimbang jika industri kewangan ini terjejas pastinya merugikan ramai pemegang polisi dan kaum keluarga mereka jika terjadi sesuatu.

Keutuhan sistem kewangan juga secara tidak langsung akan terjejas akibat sikap penasihat takaful yang sebegini.

Apa yang tidak diketahui oleh pemegang polisi insurans konvensional ialah kebanyakan sistem konvensional telah lama mematuhi pelaburan berasaskan syarak. Malah hal-hal yang meragukan seperti riba tidak lagi menjadi amalan syarikat insurans konvensional kini. Paling terbukti ialah sistem takaful sehingga hari ini masih tidak dapat menanding operasi insurans konvensional yang jauh cekap dan efisien.

Malah rungutan mengenai masalah tuntutan adalah amat minimum berbanding surat pembaca yang terpampang di akhbar dan banyak lagi masalah yang sebenarnya tidak diadukan secara terbuka. Inilah natijah yang ditanggung oleh operasi takaful kerana sikap tidak beretika wakil mereka dalam urusan menambat hati pelanggan.

Pengalaman seorang rakan yang pernah menjadi ajen insurans konvensional dan dipujuk menyertai sebuah syarikat takaful menjadi asas dan bukti kukuh apa yang sedang berlaku dalam industri takaful. Setelah mendaftar dan lulus sebagai ajen beliau telah menghadiri sesi penerangan dan mesyuarat oleh agensi takaful berkenaan selama beberapa minggu.

Akhirnya beliau mengambil keputusan menjalankan semula perniagaan insurans konvensional apabila mendapati ‘modal besar’ syarikat tersebut memasarkan produk mereka ialah dengan memburukkan insurans konvensional. Persoalannya adakah mereka ini benar-benar memahami sistem insurans konvensional.

Paling menyedihkan kebanyakan orang Melayu difahamkan bahawa maksud ‘konvensional’ adalah ‘haram’. Sedangkan merujuk Kamus Dewan, ‘Konvensional’ bermaksud sesuatu amalan, ciri-ciri atau lain-lain yang sudah diiktiraf secara meluas dan dipatuhi.

Seperti yang dinyatakan dalam satu dalil “ Janganlah engkau menghukum tanpa ilmu, kelak engkau akan menganiaya orang lain.”

Sudah sampai masanya Bank Negara mengambil tindakan proaktif terhadap amalan niaga wakil takaful seperti ini agar mereka tidak menjadikan amalan ini sebagai budaya kerja syarikat takaful yang semakin ketara. Sikap mereka yang seronok memburukkan pihak lain tidak pernah diajar dan dibenarkan dalam Islam. Apakah rezeki yang mereka peroleh dengan usaha ‘memijak’ orang lain mempunyai keberkatan ?

Adalah amalan niaga yang berunsur kotor seumpama ini dapat meningkatkan kefahaman orang Melayu terhadap sistem dan pengurusan kewangan yang berkesan. Lihatlah teras dan amalan niaga bangsa lain yang mengutamakan kepuasan pelanggan dan menyediakan perkhidmatan yang memuaskan.

Jarang sekali kita mendengar sikap ‘menghentam’ orang lain dalam budaya niaga mereka. (Rujuk buku Rahsia Bisnes Orang Cina – Ang Wang Seng).

Orang Melayu sebagai bangsa yang beragama Islam wajar mengubah budaya ini dalam segenap kontek khususnya dalam bidang ekonomi, perniagaan, politik, kemasyarakatan dan sebagainya. Amalan bermoral dan membina kekuatan peribadi dalam kontek modal insan yang dibina dalam diri sendiri dan seterusnya masyarakat Melayu perlu terus diterapkan dan diingatkan sesama kita.

Labur skim diiktiraf

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Harian Metro
PERDANA Menteri, Datuk Seri Abdullah Ahmad Badawi mengingatkan rakyat di negara ini supaya tidak terpedaya dengan pelaburan melalui Internet yang kononnya berupaya menjana pulangan besar dalam waktu singkat.


Beliau berkata, setiap pelaburan memerlukan tempoh jangka masa yang panjang untuk mencatatkan keuntungan dan rakyat jangan terpedaya dengan pelaburan jangka pendek yang tidak diketahui asalnya.“Yang hendak hasil cepat, mungkin rugi cepat,” katanya ketika berucap pada majlis penutup Minggu Amanah Saham Malaysia (MSAM) 2007, di Kuantan, semalam.

Abdullah berkata, sekalipun kerajaan akan mengambil tindakan ke atas mereka yang mengelolakan pelaburan haram seperti skim cepat kaya, sokongan dan kerjasama rakyat amat diperlukan bagi membanteras perkara itu.

“Rakyat perlu menolak skim sedemikian daripada terus berleluasa dan tidak memberi sokongan kepada bentuk pelaburan yang tidak diiktiraf.

“Saya kesal kerana kadangkala kita masih terpedaya dengan pelbagai bentuk instrumen yang kononnya berupaya menjana pulangan besar dalam masa singkat seperti yang hangat diperkatakan sekarang iaitu pelaburan melalui internet,” katanya.

“Saya berharap kita tidak langsung memberikan sokongan kepada bentuk pelaburan yang tidak diiktiraf seperti dimaksudkan tadi agar ia tidak terus berleluasa dan merugikan rakyat,” katanya.

Abdullah berkata, kini terdapat pelbagai produk unit amanah dan hartanah yang diuruskan beberapa institusi pelaburan, termasuk PNB yang mampu memberikan pulangan kompetitif setiap tahun.

Beliau berkata, penubuhan Amanah Saham Nasional, 26 tahun lalu, misalnya, memberi ruang kepada rakyat Malaysia, terutama Bumiputera untuk berjinak dalam pelaburan.

Katanya, kejayaan PNB yang turut membuka pelbagai dana unit amanahnya untuk kaum bukan Bumiputera menarik minat negara luar mengikutinya.

“Kerajaan sentiasa menyeru kepada pelabur tanpa mengira kaum dan agama untuk melabur bagi kesejahteraan jangka panjang kerana instrumen pelaburan seperti amanah saham berupaya menjana keuntungan,” katanya.- Bernama

Sementara itu, Abdullah mahu PNB terus menyaingi prestasi yang ditunjukkan syarikat-syarikat pengurusan pelaburan antarabangsa seperti Capital, Fedelity dan Vanguard yang mampu memberikan pulangan lebih besar.

Unit trust funds get off to a dazzling start

UNIT trust funds entered 2007 at breakneck speed, with seven new funds emerging in the first 24 days and all snapped up as quickly as they were launched.

From the seven, five unit trust funds, including one from an insurance outfit, offered a combined 5.6 billion units valued at RM1.8 billion to retail investors.

The surge in new funds has a lot to do with the Government’s decision to relax rules in April 2005, alllowing unit trust funds to be invested overseas.

Since then, 56 offshore funds have been launched up to January 24 this year enmassing a fund size of RM11.55 billion.

Last year itself, 16 unit trust funds looked beyond Malaysia’s shores to tap the overseas markets.

Today, local investors have a wide range of funds with equally diverse risk profiles to choose from; and with the relaxed rules, their options are now widened to include funds that cut across continents and sectors previously forbidden.

Taking the cue from the strong performance of the local and regional bourses, fund managers dazzle investors, many of whom are in retirement or planning for their golden age, with new “innovative” products that offer value for money.

With access to global investment management experts, offshore investment allows an investor a greater chance to diversify any investment made across many different markets and currencies.

Demand was met with supply which was abundant in the market that grew by RM20 billion, or 20.4 per cent, as at November 2006.

In that same period, the fund industry flourished to RM118 billion, easily surpassing the RM98 billion it recorded in 2005, the Federation of Malaysian Unit Trust Managers (FMUTM) said.

Yet, with a net asset value that is expected to grow by more than 10 per cent this year and more than 400 funds flooding the local market, the industry fund size still lags behind matured markets.

Despite having a smaller population than Malaysia, Australia’s 20 million citizens’ fund size is a whopping RM2.7 trillion.

The numbers alone make unit trust companies sit up, lick their lips and pledge to spread the good word in the hope that the public will part with their savings to invest in this sector.

“The demand is definitely increasing and the potential for the unit trust industry to grow is phenomenal,” said MAAKL Mutual Bhd chief executive officer and executive director Wong Boon Choy.

Although unit trusts offer potentially superior returns relative to fixed deposits over the longer term, they are still inferior to traditional savings instruments.

Wong said that in Malaysia, for every RM4.5 placed in fixed deposits only RM1 is invested in unit trusts. In the US, the ratio is 1:1.

Liquidity is not short: Bank Negara Malaysia has pointed out that individual fixed deposits in the country totalled RM212 billion as at November last year.

In addition, there is a potential source of RM56 billion from the Employees Provident Fund (CPF) Members Investment Scheme, Wong added.

The FMUTM, the industry’s umbrella body, has been urging the Government to liberalise the pension industry to include unit trusts as a potential investment tool for the working public.

The plan is not new. Europe and the US have blazed the trail of unit trust investing.

The US’ mutual fund market is larger than its banking sector simply because social security employers and employees can contribute to the 401(k) plan, a private pension scheme that allows them to contribute portions of their income to the plan on a pre-tax basis.

FMUTM president Datuk Tunku Ya’acob Tunku Abdullah said last year that the Securities Commission had announced that the industry will be consulted on the introduction of unit trust funds for retirement purposes.

“We strongly believe that this initiative will boost the retirement savings of the people and also the local capital market,” Tunku Ya’acob said.

Jejak: ‘Janji’ Pak Man Telo

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Oleh Nasron Sira Rahim

Osman Hamzah berjaya tarik lebih 50,000 pelabur menyertai pelaburan cecah sehingga RM99 juta



LAMA sebelum wujudnya skim cepat kaya berasaskan internet yang kini diharamkan Majlis Fatwa Kebangsaan, wujud satu skim cepat kaya yang lebih ‘dahsyat’ serta menggemparkan negara pada awal 1990.Kesan skim cepat kaya berkenaan menyebabkan ia terus diingati sehingga kini dan mungkin akan dikenang sebagai antara pelopor kewujudan skim cepat kaya dalam sejarah Malaysia.

“Sebenarnya, pelaburan menerusi internet (adalah) satu bentuk skim cepat kaya, tetapi guna internet, tidak seperti Pak Man Telo yang bergiat aktif pada 1980-an menggunakan cara biasa,” demikian ulas Timbalan Perdana Menteri, Datuk Seri Najib Razak, mengenai kegiatan itu, 14 April lalu.

Pada Minggu Saham Amanah Malaysia 2007 di Kuantan, 20 April lalu pula, beliau turut mengulangi nada serupa: “Skim pelaburan internet ini bahaya dan kesannya mendedahkan pelabur kepada penipuan kerana ia tidak banyak berbeza dengan skim cepat kaya Pak Man Telo dan sebagainya,” katanya.

Jelas sekali, seperti juga kebanyakan penduduk lain, Timbalan Perdana Menteri juga masih mengingati skim cepat kaya ‘Pak Man Telo’ yang pernah mencetuskan kekecohan di negara ini, kira-kira 17 tahun lalu.

Skim Pak Man Telo yang diasaskan Osman Hamzah menerusi syarikatnya, Pestama Enterprise, dipercayai dimulakan sekitar 1970-an di Taiping, Perak.

Apa yang menjadikan Skim Pak Man Telo sebagai ‘lagenda’ dalam sejarah skim cepat kaya atau pelaburan piramid di negara ini adalah ia disertai lebih 50,000 pelabur dengan nilai pelaburan mencecah sehingga RM99 juta.

Osman yang lebih dikenali ramai dengan gelaran ‘Pak Man Telo’ pada asalnya hanyalah seorang penduduk biasa yang bekerja sebagai wartawan sambilan Bernama di Taiping.

Tanpa sebarang latar belakang pendidikan mengenai pengurusan wang, dia memberanikan diri menceburi bidang berkenaan dengan mengasaskan skim pelaburan yang kompleks serta bernilai jutaan ringgit.

Pak Man Telo pernah memberitahu, yang dia mempunyai satu pasukan besar menjual barangan pengguna iaitu tembikar Cina selain terbabit dalam urusan hartanah, tetapi tidak tahu langsung mengenai pasaran kewangan mahupun komoditi.

Selain itu, lelaki terbabit turut mendakwa yang syarikatnya terbabit dalam perniagaan pengeluaran makanan, barang plastik dan elektrik, komputer, kasut, perhotelan, hartanah dan pemilikan saham beberapa syarikat utama.

Ketika zaman kemuncak skim berkenaan, Pak Man Telo menjanjikan pulangan dividen yang lumayan iaitu sehingga 12 peratus setiap bulan menyebabkan ramai pelabur mula menyertai skim berkenaan dengan harapan ingin mengaut keuntungan segera.

Maka tersebarlah cerita itu sehingga ke negeri lain dan semakin ramailah penduduk – dari pegawai kanan kerajaan, pesara, ahli perniagaan sehinggalah penduduk kampung di pedalaman – menyertainya.

Bagaimanapun, mereka mungkin tidak menyedari yang kegiatan Pak Man Telo bertentangan dengan undang-undang negara.

Lalu selepas lama memantau kegiatan lelaki itu, Bank Negara menahan Pak Man Telo dan pada 11 Januari 1990, dihadapkan ke mahkamah atas dakwaan mengambil wang orang ramai tanpa lesen sah mengikut Seksyen 6 (4) Akta Bank dan Institusi Kewangan 1989.

Beliau dituduh melakukan kesalahan itu antara 1 Oktober dan 23 November 1989 dan serbuan pihak berkuasa turut merampas RM1.7 juta daripada lelaki terbabit.

Pada Mac 1990, Pak Man Telo mengaku bersalah atas kesalahan itu dan Mahkamah Tengah Taiping menjatuhkan hukuman denda RM250,000 atau satu tahun penjara kepadanya. Beliau membayar denda itu secara tunai.

Tiga bulan kemudian, sekali lagi syarikatnya diserbu Bank Negara atas kesalahan sama.

Bermula dari kejadian itu jugalah, kalangan pelabur Skim Pak Man Telo mula resah apabila mendapati kadar bayaran dividen skim berkenaan terpaksa diturunkan daripada 12 peratus kepada hanya lima peratus.

Lebih membimbangkan mereka apabila kedengaran ada pelabur yang tidak lagi memperoleh bayaran dividen.

Pak Man Telo tampil menjelaskan kedudukan sebenarnya pada September 1990. Katanya, tindakan mengurangkan kadar dividen itu terpaksa dilakukan berikutan masalah ‘krisis Teluk’ yang dihadapi dunia ketika itu.

Faktor lain disebabkan penyelewengan ejen syarikatnya di mana ejen terbabit membuat kutipan dan membayar dividen kepada pelabur secara sendiri, tanpa merujuk kepada pengurusan syarikat.

Tindakan Bank Negara menyerbu syarikat itu serta merampas dokumen penting termasuk rekod keahlian juga dijadikan alasan kepada penurunan kadar dividen berkenaan.

Merasakan ada sesuatu yang tidak kena dengan skim pelaburan berkenaan, ramai ahli mula berkumpul di halaman rumah lelaki terbabit hampir setiap hari dan mendesak supaya wang pelaburan pokok mereka dipulangkan segera.

Kekecohan yang semakin tidak terkawal itu menyebabkan Pak Man Telo menghentikan sementara kegiatannya dan berjanji akan kembali memulakan operasi secara ‘halal’ pada 2 Januari 1991.

Melihat pelabur masih mengunjungi rumahnya setiap hari, Pak Man Telo memberi ‘ceramah’ yang antara lain berbunyi: “Kita akan jalankan operasi seperti dilakukan Bank Islam; kita tidak boleh melabur RM1,000 dan mengharapkan pulangan berlipat ganda kerana itu membabitkan unsur riba; riba itu diharamkan Islam.”

Bagaimanapun, pada tarikh dijanjikan iaitu Januari 1991, pelabur mula memenuhi perkarangan rumah Pak Man Telo untuk menuntut janji. Akan tetapi seperti sebelumnya, lelaki itu gagal membayar dividen dengan pelbagai alasan.

Akhirnya pada 11 April 1991, polis menyerbu pejabat Pak Man Telo di Taiping dan dia dibawa ke Ipoh, untuk membantu siasatan berhubung skim itu.

Pada masa sama, kemarahan pelabur memuncak dan ramai yang mencari Pak Man Telo di pejabat dan rumahnya untuk mendapatkan kembali wang mereka.

Pak Man Telo kemudian dikenakan tindakan buang daerah di Kampung Terong, Kuala Berang, Hulu Terengganu, Terengganu mengikut Ordinan Darurat.

Dia tidak lama di Terengganu apabila pada 17 Julai 1991, pegawai Bank Negara menahannya. Dia kemudian dibawa ke Mahkamah Sesyen Taiping untuk kali kedua pada 17 Julai atas dakwaan menerima deposit tanpa lesen daripada Kementerian Kewangan antara 1 Januari hingga 31 Oktober 1990.

Pada pagi hari pertama perbicaraan iaitu 2 Mac 1992, Pak Man Telo yang sebelum itu mengaku tidak bersalah, menukar pengakuannya kepada bersalah.

Dalam rayuannya, peguam bela tertuduh berkata, Pak Man Telo yang sudah berusia 65 tahun ketika itu menyesali perbuatannya, malah dia dan keluarga merana kerana dipulaukan masyarakat.

Akhirnya, dalam keadaan mahkamah yang penuh sesak, hakim menjatuhkan hukuman setahun penjara dan denda RM500,000 atau tambahan penjara setahun lagi jika beliau gagal membayar denda.

Pak Man Telo gagal membayar denda dan beliau terpaksa menjalani hukuman penjara selama dua tahun bermula tarikh dia ditahan iaitu 17 Julai 1991.

Pengasas skim cepat kaya dibuang daerah di Kuala Berang

KEMARAHAN orang ramai terhadap Pak Man Telo akibat gagal membayar dividen yang dijanjikan menyebabkan sekumpulan enam lelaki bertindak menculik anak lelakinya pada 1991.

Mereka mengurung anak lelaki terbabit di Hotel Tropicana, Jalan Ipoh, Kuala Lumpur mulai jam 8.10 malam 28 Februari hingga jam 11.30 pagi, 5 Mac 1991 bertujuan memaksa Pak Man Telo mengembalikan wang RM426,767 yang mereka labur dalam skim itu.

Enam lelaki terbabit berjaya ditahan dan dihadapkan di mahkamah tetapi hanya empat daripada mereka yang disabitkan kesalahan. Keempat-empat lelaki itu hanya dikenakan hukuman ringan, iaitu denda RM100 atau tiga bulan penjara.

Hukuman ringan itu diberi kerana hakim bersimpati terhadap keempat-empat tertuduh yang kehilangan wang disebabkan Pak Man Telo.

Kemarahan mangsa Pak Man Telo terus membara dan ramai yang mengambil tindakan saman terhadapnya. Seramai 175 pelabur pada Mac 1991, memulakan tindakan saman terhadap lelaki itu bersama enam pihak lain iaitu isteri, dua anak lelaki dan dua anak perempuan serta menantu lelakinya bagi menghalang mereka mengeluar atau memindahkan wang RM1.4 juta yang didakwa milik pelabur berkenaan.

Ia diikuti 284 pelabur pada April 1991 menyaman Osman dan enam pihak lain bagi mendapatkan semula RM3.5 juta wang milik mereka. Sekumpulan pelabur lain seramai 180 orang pula mendakwa kerugian RM2.2 juta, juga mengambil tindakan sama.

Pak Man Telo mengakhiri tempoh hukuman penjara dua tahun pada 17 November 1992. Kira-kira jam 10.10 pagi selepas bersalam dengan pegawai Penjara Taiping, dia dibawa menaiki kenderaan pacuan empat roda polis untuk perjalanan ke Kuala Berang, Terengganu kerana dikenakan perintah buang daerah.

Selepas itu, kisah Pak Man Telo mula tenggelam dan orang ramai semakin melupakannya. Pak Man Telo pula menyepikan diri bersama isteri kedua dan seorang anak lelaki di Terengganu.

Dia menyara hidup dengan membaiki radio dan televisyen. Pada usia 70 tahun, Pak Man Telo meninggal dunia akibat sakit tua pada 22 Disember 1997 sekali gus berakhirlah riwayat seorang lelaki yang menjadi antara pelopor skim cepat kaya di negara ini.

Seperti juga pepatah ‘harimau mati meninggalkan belang’, nama Pak Man Telo terus disebut-sebut sehingga kini seolah-olah gelaran itu begitu sinonim dengan kegiatan skim cepat kaya di negara ini.

FAKTA
Skim Pak Man Telo

  • Bermula di Taiping, Perak tetapi merebak ke negeri lain.
  • Jumlah keahlian pelabur dianggarkan lebih 50,000 orang.
  • Nilai pelaburan ahli mencecah RM99 juta.
  • Polis pernah membekukan harta Pak Man Telo sebanyak RM70juta
  • Pak Tam Telo didenda RM250,000 ketika kali pertama dihadap ke mahkamah.
  • Dia dikenakan perintah buang daerah ke Hulu Terengganu akibat kegiatan itu.
  • Pak Man Telo dihukum penjara setahun dan didenda RM500,000 pda kali kedua dihadapkan ke mahkamah. Dia gagal membayar denda dan terpaksa menjalani hukuman penjara dua tahun.
  • Older, wiser, but kept poorer

    Uncategorized by Arif Ismail 0 Comments

    Columnists > Along The Watchtower

    ALL over the world, the have-nots are wont to say: The rich are getting richer, the poor poorer. But in Malaysia, this version might be more applicable: The rich are getting richer, the old and the poor are getting poorer. 

    At a time when they should be enjoying their “golden years,” many of our retirees still remain trapped in their never-ending “hungry years.” Each day, more of them are being forced to eke out a living as taxi drivers, security guards, cleaners and restaurant help.  

    Own business? Few have enough in their hard-earned savings to gamble on anything riskier than joining a multi-level marketing scheme, selling insurance or opening a warung.  

    Among those in the “old and poor” category are retirees from the civil service, including more than 80,000 armed forces veterans, who collect paltry monthly pensions of between RM200 and RM300. 

    Things are also not much rosier for the unskilled and semi-skilled folk who used to work in the private sector and who contributed to the Employees Provident Fund (EPF).  

    On the average, a retiree at 65 would have used up 70% of what seemed like a grand stash of EPF cash just 10 years earlier.  

    The choices available for such a person is to either go back to work or depend on his children for the rest of his remaining years. 

    But with employers reluctant to hire not-so-savvy older people, and with the easy availability of cheap foreign labour, hardly any job is open for retirees, especially in urban areas, making them most vulnerable to the socially painful aspects of poverty. 

    While the EPF has, and still plays, a vital role in the provision of income security for the elderly, over reliance on it can only result in more distressing consequences in the years to come. 

    Perhaps we need to develop a social insurance-based pension scheme that can offer an assured basic income for the elderly after retirement. 

    The EPF’s policy makers, too, appear to have realised the inadequacy of existing arrangements to meet the needs of the elderly, currently estimated to comprise about 6% of our 26 million population. 

    Earlier this month, EPF deputy CEO Rusma Ibrahim cited a recent survey which identified former workers from the lower income group as the hardest hit.  

    She said there was a dire need to review the fund’s role in the wake of current demographic changes and the erosion of the extended family support system. 

    The survey showed that most retirees would need between RM510 and RM1,000 a month to cover their basic needs. In other words, they must have at the very least RM120,000 in standby cash to survive over the next 20 years. 

    Given such a scenario, the changes being proposed under the EPF Bill (Amendment) 2007 are puzzlingly unpropitious.  

    To put it bluntly, they smack of blatant discrimination against older workers as well as foreign workers and are likely to further undermine the value of local labour. 

    Under the proposed amendments, once a worker reaches the age of 55, the employer’s contribution to the EPF would be slashed from 12% of his or her salary to only 6.2%. The employee’s contribution, currently at 11% of the salary, will be cut to 5.7%.  

    If the changes go through, employers of foreign workers need only pay RM5 a month.  

    At such low rates, can we honestly expect employers to hire unemployed locals? 

    Two other proposed changes also reflect bias against older people.  

    Dividends will not be given to the savings of contributors above 70. It will be worse for those who live to 80 – their savings will be automatically transferred to the Department of Unclaimed Monies. 

    To be fair, there are some positive things proposed, such as the amendment to allow contributors to withdraw their EPF savings to pay for housing loans taken by their spouse if a couple is registered as joint owners of the property. 

    This will certainly help married couples settle their housing loans earlier. 

    Clause 10 of the Bill seeks to amend Section 54 of the Act that will allow contributors to finance the higher education of their children and to buy insurance policies with EPF withdrawals. 

    But the cons against the elderly certainly outweigh the pros. Workers groups have rightly expressed their indignation over the Bill, with the MTUC denouncing the changes as “unfair exploitation” of the elderly, as well as foreign, workers. 

    Cuepacs, has also declared that it would not agree to the changes, saying that some 43,000 civil servants who had opted for the EPF were already at a disadvantage compared with those under the pension scheme. 

    Yesterday, the EPF’s top brass briefed MPs over the proposed changes, stressing that they were in the interest of workers. 

    The ball is now at the feet of our MPs and people expect them to do the right thing by scrutinising the amendments. 

    If the changes don’t offer a better or fairer deal for all workers, they shouldn’t hesitate to send the Bill back to the drawing board, even if it is already scheduled to be tabled for second reading. 

    It will be one way of proving that they are a part of the oft-touted caring society that we claim to be. 

  • Deputy News Editor M. Veera Pandiyan remembers this plea by prolific writer Pearl S Buck: Society must make it right and possible for old people not to fear the young or be deserted by them, the test of a civilisation is the way that it cares for its helpless members. 
  • OSK Research to revise upwards KLCI target


    Email us your feedback at fd@bizedge.com

    OSK Research Sdn Bhd will revise upwards its target for the KLCI target above 1,380 points given the bullish stock market and positive news flow, its head of research Kenny Yee said.

    He said the KLCI’s performance reflected retail and foreign investors’ confidence in the stock market and expected their participation to increase in the near future.

    “The retail participation quantum here has not reached its full momentum like during the previous bull run. There is still enough positive news flow to keep retail interest growing in the local stock market,” he said.

    He was speaking to reporters after launching OSK Research’s third edition of its “Top Malaysian Small Companies (The 100 Jewels)” handbook in Kuala Lumpur on April 27.

    He said the stock markets in China and Korea had already reached their all-time highs but that the KLCI had yet to realise its full potential yet.

    Yee said hedge fund managers were also buying into the KLCI as a longer term investment of at least six months as they had indicated there could be more upside to the local bourse.

    On its latest list of 100 small capitalised companies, Yee said OSK Research expects their performance to improve even more, given rising retail investor interest in them and were likely to outperform the KLCI.

    “The 100 Jewels showcases an addition of 45 new companies into the list, necessitated by the fact that 55 of the previous 100 have graduated from being a small cap company, including the KNM Group and Dialog Group.”

    “However, even among the companies still in the category such AZRB, ICP and IJM Plantations, their share price performances have significantly outperformed the KLCI,” he said.

    Yee said the small cap earnings were projected to grow by 26.5% year-on-year, above the 18.5% y-o-y growth projected by OSK Research for the KLCI.

    “We continue to seek value in companies that are both under-researched and under-appreciated. For the latest volume, we raised the market capitalisation threshold from RM750 million to RM1 billion to reflect the improved market sentiment over the past 12 months,” said Yee.

    On the sectors that are likely to perform well this year, Yee said the front-runners were property, construction, oil and gas- and steel-related counters.

    He said among the underachievers last year were automotive- and consumer-related stocks, adding that OSK was not very positive on the automotive sector.

    Tips on how to spot investment scams

    2007/04/24

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    KUANTAN: The Securities Commission has released an alert to educate the public on ways to recognise illegitimate Internet investment schemes.

    In a pamphlet available to visitors at the Permodalan Nasional Berhad’s Malaysian Unit Trust Week, the SC outlined the characteristics of an illegitimate investment scheme.

    For example, they may offer investors a scheme that guarantees enormous returns without posing any financial risk to them.

    They also tend to assure investors that they will receive returns as high as 30 per cent per month.

    The company’s contact address may be based in countries where investors would be unable to ascertain its validity and status.
    Investors would also find it difficult to find information on the company’s licence or of its existence in the webpages of any authorities.

    Some may claim that their activities do not require a licence or that their licence was issued by another country.

    Their offers are also available for a short time. They will also come with instructions to wire the money to a foreign bank account.

    The SC also warned the public that the web pages may be designed in a professional manner to mislead investors, complete with details such as the latest share prices, market commentaries, market news and links to other financial web pages.

    It added that should indiviiduals become involved in recruiting others, they could be found guilty of propagating illegitimate investment schemes.

    You need between RM1.4 million and RM2.8 million by 2027.

    NST Online » Frontpage

    2007/03/12

    Where will you will be when you’re 64?
    Get a head start for twilight years

     

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    A life of comfort and good health in retirement is not beyond the average Malaysian executive despite cases of some who ended penniless after wasting their Employees’ Provident Fund savings in poor investments. Financial experts say prudent investments in sound financial instruments can yield handsome returns in old age. ANIS IBRAHIM, SUGANTHI SUPARMANIAM, HEIDI FOO and PRESENNA NAMBIAR have the stories.

     

    CAN a 35-year-old Malaysian executive earning about RM4,000 a month afford a comfortable lifestyle after retirement at 55?

    This is a question often on the minds of those on the threshold of middle age but which seldom yields a definite answer.

    Yes, it is possible to live the same lifestyle in 20 years’ time but it is going to cost a bomb.

    One will need to have between RM1.4 million and RM2.8 million at retirement to maintain the same lifestyle depending on which financial planner one talks to.
    Besides inflation, which will reduce the amount of items one can buy in 20 years with the same amount of money available today, there is also the astronomical cost of medical treatment in old age.

    Malaysians will have to bear much higher medical costs in the twilight of their lives, especially so in the light of the longer life expectancy of Malaysian men and women of 72 and 76 respectively.

    Despite the frightening prospect of not having enough money in old age, there is still good news for most: Good financial planning can ensure a problem-free retirement.

    The first step to take is to realistically identify the lifestyle one wants at retirement and work towards attaining it.

    The next is to identify the financial instruments to be used to accumulate between RM1.4 million and RM2.8 million by 2027.

    Integral to this would be the savings one accumulates with the Employees’ Provident Fund — about RM500,000 for the person earning about RM4,000 at 35 years of age.

    Financial planners suggest several ways of going about this including investing in the stock market, unit trusts and property, saving money in the bank and buying an endowment insurance policy.

    But how much should one invest to live comfortably after retirement?

    Some financial planners say one should put aside a third of the monthly income — or RM1,300 for a person taking home RM4,000 a month — for investments.

    Others say 20 per cent would suffice if one cannot afford more.

    While these may hold promise of a rosy future, there are unexpected pitfalls for the unwary, including the vagaries of the stock and property markets and the general economic condition of the nation.

    For those who cannot expect as much monthly after retirement as they did while working, the CPFsuggests that they work on estimated monthly financial returns of 40 per cent of their salaries.

    This is based on the International Labour Organisation’s (ILO) “replacement rate” for salaries after retirement.

    CPFofficials say that while 75 per cent would come from their CPFsavings, Malaysians would still have to depend on other sources of income for the rest.

    Developed countries like the United Kingdom and the United States apply a replacement rate of between 60 and 75 per cent of the average monthly salary.

    All told, the average 30-something Malaysian in the private sector cannot depend on his CPFsavings to ensure a comfortable lifestyle in retirement.

    You can also post your comments on www.monsterblog.com.my.

    Monitor your unit trust investments

    Opinion

    NO INVESTMENT is without risk. You cannot get higher rates than that given by a bank without some risk. 

    All unit trust investments must be monitored by the investors weekly. 

    As soon as they have accumulated to the desired amount, the unit trust should be sold. 

    It is not true that we have to leave the unit trust for a few years to see some dividends. 

    Remember, fund managers make money for the company they work for. Without your funds they will have no work. 

    L.B.L,  Petaling Jaya.  

    Najib: Master art of wealth creation

    PEKAN: Malaysians should start to master the art of wealth creation in tandem with the country’s progress, said Deputy Prime Minister Datuk Seri Najib Tun Razak. 

    Saying that the time had come for the people to seek economic independence by making smart investments, he urged them to learn to manage their financial resources to gain more wealth using a first-class mentality. 

    “Having political power without economic independence will lead us nowhere,” Najib said. 

    In this regard, he added, the Government would ensure a fair and equal distribution of wealth through institutions like Permodalan Nasional Berhad (PNB). 

    “We will look after the rights of the bumiputras but at the same time, the rights of others will not be taken away,” he said during the opening of a PNB public awareness exhibition at the Sultan Ahmad Shah convention hall here yesterday. 

    Najib said the Government would support the efforts by PNB in raising the equity of bumiputras from the present 18% to between 20% and 25% in 2010. 

    The present RM60bil in funds held by PNB, he added, showed that it had been managed efficiently. 

    “The Government will ensure PNB’s continuous success and is confident it will reach RM100bil over the years with new products,” he said. 

    Najib said the people should start to find ways to increase their wealth by investing part of their income. 

    Citing an example, he said those who have made an initial investment of RM10 in 1981 in one of the unit trusts and re-invested the annual dividend could have a present balance of RM2,700. 

    “Imagine the situation if the investment amount had been much higher,” he said. 

    Najib also announced that the PNB Unit Trust Week would be held in Kuantan next year.  

    Making the right choice

    YOU have RM500,000 cash in your bank and an array of investment managers, financial advisers and other intermediaries offering you a huge variety of investment options. 

    How much return do you want? Capital guaranteed? Which markets do you want to invest in? Is it a good time to buy or sell certain equities?  

    The decisions could be endless and daunting to many investors, said S&P NetWorth Advisors Sdn Bhd chief executive officer Paul W. Chan. 

    He said there were mainly two sources of ideas for investment decisions – external and internal.  

    External sources include current news, for instance high oil prices, events such as the North Korean nuclear test, magazine articles and brokers’ recommendations.  

    The internal-source investor, on the other hand, focuses on his own financial needs and a personalised long-term strategy designed to meet those needs. 

    His buy or sell decisions are based on what is required to ensure that his financial holdings are in accord with the game plan.  

    “Investment professionals are only used to assist in executing decisions already made. Thus, current market fads, trends and so-called expert opinions are largely irrelevant to such investors,” Chan said.  

    He said investment decisions were unlike other consumer spending decisions, which could be influenced by marketing and advertising activities.  

    One frequently asked question is a variant of “Oil prices and gold are sky high, and I’ve read that many experts are sounding an alarm about stocks. Should I sell my funds?” 

    Investor decisions on whether to cut stock holdings would depend on the market’s volatility, what the business magazines say or the direction of the interest rate regime, Chan said.  

    “External sources will never tell you whether it’s a ‘good’ time to sell stocks as no one knows what the market will do in the coming months,” he added.  

    While current events might provoke a review of one’s personal list of questions, they should not dictate the answers, Chan said, adding that investors should take ownership of their investments.  

    “Watch out for the high entry cost of investment, understand its goals and time-horizon, the investors’ risk appetite, their age groups and portfolio diversification. Have a simple personal checklist to jumpstart towards investing with peace of mind,” he said. 

    Singular Asset Management chief investment officer Teoh Kok Lin said investment products that used to be exclusive to certain investors were now “brought to the level of the laymen given market liberalisation.”  

    For example, retail investors could now invest in commercial properties – which were not so easily accessible in the past due to the high capital required – via real estate investment funds (REITs).  

    “Such a trend pushes investors to learn faster and adopt a better investment habit. While volatility risk is always present, investors have to understand their own risk appetite and improve on where and how to put their money,” Teoh said.  

    Aseambankers Malaysia Bhd chief executive director Surachet Chaipatamanont said products were “retailised” for better accessibility and this included Islamic offerings.  

    Islamic products are offered across the board for retail investors. The breath and depth of the market allowed “investors of all types to be offered Islamic alternatives,” he said.  

    Chaipatamanont added that Islamic products, compared with conventional ones, provided more competitive pricing and “in most cases, higher returns.” 

    HLG Asset Management chief executive officer Richard Lin Kwok Wing said the investment options for a fund of RM500,000 could include equity based unit trusts, bond based unit trusts and balanced funds.  

    Hong Leong Unit Trust has 19 unit trust funds under its management, offering a diverse product range including a selection of syariah-compliant unit trusts, growth funds, equity funds, balanced funds, sectoral funds as well as bond funds. 

    He said diversification was essential for any investment type to enable investors to customise the investments according to their objectives.  

    For example, an aggressive investor could have higher exposure to shares and lower exposure to bonds and money market instruments while an investor with moderate risk could opt for a very small degree of exposure to shares with bonds and money market comprising the bulk of their portfolio, he added.  

    Lin said investment decisions would depend on three factors – first, the risk appetite of the individual. “Risk averseness of investors varies in accordance to their age, income and marital status,” he said. 

    Second, the investor’s investment objectives would be taken into consideration, emphasising the creation of value, return or growth. The third factor would be the investment horizon – the investor’s short, medium or long-term goals.  

    Potential in Islamic wealth management

    KUALA LUMPUR: Malaysia should create more Islamic wealth management products to capitalise on the increasing interest from high net worth individuals from the Middle East. 

    Member of the Central Syariah Advisory Council for Bank Negara and Securities Commission, Dr Mohd Daud Bakar, said it was time for Malaysia to take advantage of this interest by providing a range of products for investors. 

    “Investors are increasingly interested in investing in this region. They are keen on sukuk products, equity-linked notes and structured products.  

    Dr Mohd Daud Bakar (left) and Dr Tan Chong Koay at the fund launch.

    “Equity-linked products are also appealing to all investors, retail and corporate,” he said at a briefing to launch the Pheim Asia Ex-Japan (PAXJ) Islamic Fund yesterday. 

    Dr Mohd Daud is also president and chief executive officer of Amanie Business Solutions Sdn Bhd, which is the adviser to Pheim Unit Trusts Bhd, responsible for launching PAXJ Islamic Fund. The latter is a wholly-owned unit of Pheim Asset Management Sdn Bhd. 

    Dr Mohd Daud said Malaysia should step up efforts to tap the global Islamic financial market, projected to grow from an estimated US$700bil in 2005 to US$1.4 trillion by 2010 and US$2.8 trillion by 2015.  

    He said Malaysia had the adequate infrastructure to be an Islamic finance hub, but lacked the products to lure more investors. 

    Pheim Group founder and director Dr Tan Chong Koay said the PAXJ Islamic Fund would give investors a chance to tap into high-growth investment opportunities in Asia and in the Islamic financial market. 

    “We believe that Asian equities will emerge as one of the global asset classes that have the potential to deliver superior returns,” he said. 

    Dr Tan said this was due to the strong regional economic outlook and renewed focus of corporations and governments in strengthening business fundamentals. 

    “Also, there has been an increasing number of companies with capital appreciation potential, specifically in small to medium-sized entities,” he added. 

    PAXJ Islamic Fund has an approved size of up to 200 million of RM1 units and is benchmarked against absolute annual returns of 7% in the long term. 

    Dr Tan said up to 95% of the funds would be invested in syariah-compliant equities in South-East Asia. A minimum of 5% would be kept as liquid assets or cash, and could be invested in syariah-compliant fixed income instruments. 

    He also said that to date, all the funds launched by the firm had outperformed their respective benchmarks since inception. 

    The PAXJ Islamic Fund is the company’s fifth unit trust fund and the second syariah-compliant after Dana Makmur Pheim, a domestic balanced fund launched in 2002. 

    New instrument for unit trust investors

    This week, Yeoh Keat Seng discusses the pitfalls of investing in unit trusts and suggests an industry mechanism that would provide investors with greater depth when including this investment instrument in their wealth management portfolio

    WITH an aggregate net asset value (NAV) of over RM50bil as at mid-2006, unit trusts have become a mainstream form of investment for individual investors.  

    Over the last 10 years, the industry’s NAV has grown seven-fold and now represents around 7.2% of Bursa Malaysia’s market capitalisation compared with only 1% previously. 

    The pace of the growth of the industry here should not come as a surprise, as it mirrors the experience in the developed markets. Unit trusts offer several advantages which suit the needs of retail investors, namely diversification at an affordable price, access to professional fund managers, assurance of liquidity and convenience. 

    Yet anecdotal evidence suggests a gap often exists between what investors expect and what they get from investing in unit trusts. This may be due partly to some investors having unrealistic expectations, or advisers not setting expectations right at the beginning or offering advice that may not be sound, or industry players importing unit trust practices from elsewhere without accommodating these to our market’s structural differences.  

    This article focuses on the gap in expectations arising from the peculiarities of investing in unit trusts in our market, and suggests a possible solution to the problem.  

    Conventional wisdom says that investors should treat unit trusts as buy-and-hold instruments because by sticking to the same fund, they will enjoy better returns than if they continuously try to time their investments. For many investors though, the theory does not seem to apply in practice.  

    There are several possible reasons for this. First, a buy-and-hold approach works only if the factors that have contributed to the fund’s performance remain intact over time. Very often though, they do not always remain so for very long. 

    Also, fund managers change. In developed markets, the fund management process is often institutionalised, which means that performance does not usually fluctuate much when there is a change of fund manager. In our case, performance is often highly dependent on individuals rather than a process, and unfortunately, their tenure with a firm often tends to be shorter than the client’s recommended investment horizon. 

    Fund sizes change. Many award-winning funds have been unable to sustain their performance as they grow substantially bigger. This is not to say that size is a handicap, but in certain cases where the investment mandate is very narrow, or where the securities are very illiquid, there is often an inverse correlation between size and performance. 

    Second, some funds are not meant to be long-term buy-and-hold investments. While there is a diversity of sector and theme-based funds in developed markets, it is debatable whether such funds can serve the needs of the average Malaysian looking to invest passively in a unit trust fund here. 

    A technology fund in the US would have an investment universe comprising hundreds of stocks in different sub-segments worth hundreds of billions of dollars. A similar fund here would only have a handful of alternatives, with depth and breadth sorely lacking. Such funds may be good for tactical allocation, but not buy-and-hold. 

    Third, a rigid buy-and-hold strategy should not apply blindly regardless of market circumstances. Even within an individual’s recommended asset allocation based on his risk requirement, there is a case for lowering his equity weighing if it becomes obvious that the market is about to go through a bearish phase. 

    Another argument in support of a more active approach is that buy-and-hold fails to take advantage of changes in market cycles and investment styles the market favours. Small caps did very well between 2001 and 2003, but under-performed sharply after that. Index funds significantly outperformed others in 2004 and 2005, but were laggards prior to that. 

    At other times though, the long-term buy-and-hold approach stems from the conscious decision on the part of investors. In many cases, when advice to switch or cut loss is given, there is no follow through. Whether it is unit trusts or stocks, many investors have a psychological problem with realising losses, even when they agree on the fund’s likely under-performance.  

    In my opinion, a fund of funds could provide a timely remedy for the problems faced by many of our unit trust investors.  

    A fund of funds is a unit trust that invests in a number of other unit trusts.  

    Its advantages are extra diversification and simplicity, but in this context, I believe another critical advantage is the availability of a fund manager to actively manage the underlying funds.  

    The value add of a fund of funds manager lies in selecting the appropriate funds, monitoring them for changes which could affect their performance (e.g. fund manager and size), taking advantage of opportunities to make tactical allocations, and being disciplined about cutting losses or switching out when market situations warrant it.  

    Just as many investors are better off letting unit trust managers manage their money in individual funds, there are others who are better off letting fund of fund managers manage their unit trust funds as a whole. 

    There is, however, a possible downside to this approach if the fund of funds manager does not do his job well. In that case, what the investor risks ending up with is a highly diversified but very mediocre performer at best, or a long-term under-performer at worst because of the extra layer of fees charged.  

    Fund of funds are not available here yet, but I believe there is room for them in this market, especially given the circumstances described above.  

    Ask beyond basic questions


    THIS is the second article in a series of articles by the Securities Industry Development Centre on smart investing. 

    IN the usual interaction between a unit trust agent and an investor, you normally see an agent doing most of the talking and the investor mainly listening. Not many pertinent questions are asked by the investor except for the standard “How much dividend will the unit trust give out?” or “What is the minimum amount to start investing?” 

    To fully benefit from your unit trust investments, you must be prepared to ask many questions. The answers you get from these agents can help you determine whether investing in a unit trust is suitable for your investment goals and objectives. It will also prevent you from investing in unit trust products that are not suitable for you but which some agents may be promoting to earn higher commission. 

    Here is a list of suggested questions (not exhaustive, of course) that you should ask your agents.  

  • Is this unit trust fund approved by the Securities Commission (SC)? All unit trust products must be approved by the SC. To check on an investment product, call (03) 6204 8000 and ask for the Trust and Investment Management Department or visit SC’s website at www.sc.com.my.  

  • How long has the unit trust company been in business? What is its record or performance in giving the promised returns?  It is important for an investor to check out the background of a unit trust company, including the company that will be managing the funds (if the fund is being managed by external fund managers). Find out their record and the experience of the fund managers. You must take the effort to get to know the people to whom you are entrusting your hard earned money.  

  • Does this fund suit my investment goals and risk profiles?  You must first be sure of what your investment goals or objectives are and how much investment risks you can tolerate (investment risks are essentially situations that may arise which can cause you to suffer losses).  

    Nowadays, there are many categories and types of funds in the market, each with its own benefits and risks (the higher the returns promised, the higher the risks you have to take). Hence it is important for you to understand the funds being offered and for you to choose a fund or funds that suit your investment goals and risk tolerance. For instance, if you want a consistent income, you must invest in funds that provide steady consistent returns. You should not be pressured by any agent to invest in a fund that is not suitable for you.  

  • What will happen to the money that I put in a fund? Where will it be invested?  Each unit trust fund has its own investment strategy to meet its investment objective. For example, for an equity fund that targets growth of capital, generally most of the fund’s assets will be invested in equities of companies listed on the stock market that have potential for growth rather than a blue-chip company that offers consistent dividends. As such, the former is riskier.  

    On the other hand, a bond fund will invest most of its funds in bond products, which are low risk. It is, therefore, crucial for an investor to know which investment products/instruments the fund will be investing in, as this will have direct implication on the risk tolerance of the investors. If the fund is investing in high-risk investment products, the unit trust fund itself becomes a high-risk investment. (Check Question 3 too). 

  • How do I know that my fund is doing well? How can I compare it with other funds?  Each fund has its own benchmark (something you can compare its performance with), which is stated in the prospectus. You can compare the rate of return of your fund with these benchmarks.  

    The common benchmark for equity funds is the Kuala Lumpur Composite Index (KLCI) while for bond funds, it is normally the average 12-month fixed deposit rate of banks.  

    Alternatively, you can compare your fund with other funds of similar characteristics. For example, if you have invested in a bond fund, compare its performance with other bond funds.  

    A more complex unit trust fund may have a more complex benchmark. 

  • How will I make money from this fund? (Capital gains? Dividends?) If you invest in unit trusts, your returns could be in the form of capital gains (if the price of units moves favourably) or dividends (if the management company announced any). Get your distribution agent to explain this and read the prospectus.  

  • Do I have to pay any fees or charges?  Every investment has a cost to it and investing in unit trust funds is no exception. Generally, unit trust management companies will impose distribution/transaction charges, such as sales charge and/or redemption charge, when you buy and sell units and imposes management fees and trustee fees annually for the services they provide. Your agent must explain this clearly to you. Read the prospectus for more details on the kind of fees and charges imposed.  

  • If I change my mind after I have invested in a fund, can I sell it back to the company and get a full refund?  Investors are given a “cooling-off period” so they can reconsider if they want to continue investing in the unit trust fund. Subject to conditions, a unit trust investor is entitled to a full refund if he decides not to continue investing in the fund within the “cooling off period.” “Cooling off” is your right! Details on cooling off are highlighted in the prospectus.  

  • How easily can I sell the fund if I need my money right away?  Unit trusts are liquid investments. You may approach your distribution agents and submit a redemption notice to redeem the units and get your money back. It’s important that you know when you will be getting your money back so that you are more prepared in case you need the money urgently. Ask the agent. Details on redemption are also available in the prospectus.  

  • Will I be getting any statement regarding my investment status from the management company?  Your monitoring process will be easier if you receive a statement from the management company regarding your investment status. Find out how frequently you will be getting such a statement. You must monitor your investments.  

  • Where can I get more information about the fund?  Most of the information about a unit trust fund is in its prospectus and annual report. Ask your agent for a copy of the prospectus and read it before investing. 

    l The Securities Industry Development Centre (SIDC), established in July 1994, is the training and education arm of the Securities Commission (SC).   Its mission is to build human capital, guide investors in the capital market and develop investor education programmes to meet the objectives of the Malaysian Capital Market Masterplan and address national development needs. It is recognised as a premier training centre for capital market participants and regional regulators.  

  • Don’t be the next victim

    This is the final article in a series by the Securities Industry Development Centre on smart investing.  

    1. Are you an easy prey for investment scams? Take this quiz to check your vulnerability.   You always associate investments with: 

    a) 100% profits 

    b) Guaranteed returns with no risks 

    c) Doubling your money in no time! 

    d) None of the above 

             

    2. Which of the following statements BEST describes your investment philosophy? 

    a) I will choose only an investment that gives high returns with no risk 

    b) I will choose an investment that matches my risk tolerance 

    c) I will choose an investment that can double my money in no time 

    d) I will choose an investment that is highly recommended by close friends 

    3. You have been offered a job as a trading executive in a foreign commodity broking firm. The job requires you to get as many clients as possible to trade in a red bean futures contract in Macau. You were told that the investment yields high returns in a short time.   Your clients will have to deposit RM3,000 as a margin deposit at your firm. Your commission will be based on the amount of money your clients deposit in the firm. What is your next course of action? 

    a) Start looking for friends and family members to become your clients 

    b) Check with the regulators immediately whether the firm is licensed to trade in red bean futures in Macau  

    c) Try to invest in the red bean futures contract yourself to test your luck 

    d) Find out more about the investment from your friends who are working in the same firm 

             

    4. How do you verify whether a unit trust agent is authorised to promote/sell unit trusts? 

    a) Request for his call card 

    b) Request for his authorisation card issued by the Federation of Malaysian Unit Trust Managers 

    c) Not necessary to verify as any person can promote or sell unit trust products 

    d) Check for an authorisation letter from the unit trust company 

             

    5. Your unit trust agent asks you to give cash to him so that he could buy unit trusts on your behalf. What do you do? 

    a) Give him the cash 

    b) Give him the cash and request the agent to issue a receipt immediately 

    c) Pay him with a cheque in his name 

    d) Refuse to give him any cash  

             

    6. If you want to check a stockbroker’s licensing status, which of the following websites would be your source for the required information? 

    a) www.thestockbroker.com.my 

    b) www.sc.com.my 

    c) www.licensedcompany.com.my 

    d) www.licensedbrokers.com.my 

             

    7. A close friend persuades you to invest in an exclusive offshore investment scheme that guarantees 200% return and tax-free. Do you? 

    a) Agree to make the investment because you trust your close friend implicitly 

    b) Request for written materials on the investment and invest once you have read them 

    c) Check with the regulators to see if they have any information on the investment scheme 

    d) Agree to invest only if your friend could show the advertisements or news on the investment scheme in the media or the Internet 

             

    8. To protect yourself from investment scams, which of the following measure(s) would you adopt? 

    a) Read and understand the investment prospectus and annual reports 

    b) Seek advice from licensed financial professionals 

    c) Be sceptical and ask a lot of questions about the investment 

    d) All of the above 

             

    9. You will invest in an investment scheme if: 

    a) The promotional materials and company website look professional and impressive 

    b) The company’s office is at a prestigious address and its name professional and impressive 

    b) The company’s office is at a prestigious address and its name sounds official  

    sounds official 

    c) The company’s personnel wear expensive swanky suits and drive snazzy cars 

    d) None of the above 

             

    10. If you fall victim to an investment scam, you would:  

    a) Do nothing and keep quiet 

    b) Blame it on your bad luck 

    c) Lodge a report/complaint with the relevant authorities immediately 

    d) Pay an unknown person who claims that he can guarantee the full recovery of your money   Answers:  

    1. d: If you associate investment with 100% profits, guaranteed returns and doubling your money, you are more susceptible to investment scams. Most investment scams promise high returns with no corresponding risks to entice people to invest in it. 

    2. b: Your investment choices should match your risk tolerance. If you are a risk-adverse person, make sure you invest in a low-risk investment scheme. To find out about the risks of each investment products, contact your remisier or licensed investment professionals. 

    3. b: Always check with the regulators e.g. Securities Commission or Bank Negara, to verify if a company has been issued a licence and has been allowed to offer or market investment products to the public. 

    4. b: The Federation of Malaysian Unit Trust Managers (FMUTM) is responsible for registering all persons who want to market and distribute unit trusts. When dealing with such agents, you should request for his “authorisation card” issued by the FMUTM. For more information on agents, visit FMUTM’s website at www.fmutm.com.my  

    5. d: Never ever give cash to your unit trust agent. Always issue a cheque to the trustee or to an authorised person as specified in the prospectus. That is why reading the prospectus before investing is important. 

    6. b: For a quick check on whether a company has been licensed or authorised to conduct or offer investment activities, log on to the Securities Commission website at www.sc.com.my or call the SC’s licensing department at (03)6204-8000

    7. c: Beware of investment companies that offer high yield investments and operate from offshore locations such Bahamas, Macau, British Virgin Island or any other exotic offshore locations. Scammers love to use these international locations to boost their credibility.  

    8. d: Before investing, do some research and ensure that you understand what you are buying. Go through the investment scheme annual reports and prospectuses and seek assistance from your remisier or licensed financial professionals to fully understand the information disclosed in these documents. Contact the SC to verify if the company has been licensed or authorised to offer such investment schemes. 

    9. d: A company may have an official sounding name with a prestigious office at a premier location, complete with a professional looking website, but that does not mean that it is legitimate. Always check with the SC first. 

    10. c: If you come across or become a victim of an investment scam, lodge a complaint with the SC’s complaints department: Tel: (03)6204-8999, fax: (03)6204-8991 or e-mail: aduan@seccom.com.my,  

  • The Securities Industry Development Centre (SIDC) was established in July 1994, and is the training and education arm of the Securities Commission (SC). Its mission is to build human capital, guide investors in the capital market and develop investor education programmes to meet the objectives of the Malaysian Capital Market Masterplan and address national development needs. It is recognised as a premier training centre for capital market participants and regional regulators.  
  • Sound advice for investment

    Choosing an investment professional or adviser is a big decision and the wrong choice can be very expensive. Be prudent. Do not rush out and hire just anyone, advises the Securities Commission’s Security Industry Development Centre.  

    In life, there are times when we need to turn to experts for help. When you’ve got a fever, you visit a doctor. When your car needs repairs, you see a mechanic. Similarly, when you need assistance with your finance or investments, you should talk with an investment professional or adviser.  

    Many novice investors are ready to invest but may not know where to start. Some investors may know where or how to invest but do not know if they are doing the right thing. This is where an investment professional or adviser (remisier, financial planner, and fund manager) can help. Whether you’re a novice or experienced investor, speaking to an investment professional or adviser can always help. Like the saying goes, two heads are better than one.  

    Here are some important considerations when selecting an investment professional or adviser. 

    Qualifications 

    Get to know your investment professional or adviser. Ask for his/her academic and professional qualifications and get to know more about the type of clients he/she sees. Preferably, you should look for an investment professional or adviser who is familiar with the kinds of financial situations you face. Listen to how well he/she knows the industry and investment products, and ask how long he/she has been in the business. 

    Important! Deal only with fund managers, financial planners/investment advisers and remisiers who are licensed by the Securities Commission, or unit trust agents who are registered with the Federation of Malaysian Unit Trust Managers (FMUTM).  

    Experience 

    Sometimes, an investment professional or adviser may come highly recommended through word of mouth. A good track record speaks volumes about his/her capabilities in helping you with your investment. Do not be shy to ask about his/her experience in the different investment services and products or areas of specialisation.  

    Communication 

    Apart from being knowledgeable, it is also important that your investment professional or adviser is able to explain to you the basics of an investment plan and the various types of products available clearly. Once you fully understand what is involved, your investment professional or adviser will draw up an investment plan based on your financial needs and objectives. Investment can be a complex topic to the man-in-the-street. A good investment professional or adviser will keep things simple and comprehensible to his/her clients.  

    There should always be a two-way communication between you and your investment professional or adviser. When you’re in doubt, do not hesitate to ask questions. A good investment professional or adviser will always welcome your questions in order to serve you better.  

    Asking the right questions can help you develop a better understanding of your investments, choose the right products and, most importantly, make well-informed investment decisions. Sometimes, questions that you may regard as too simple may actually be the ones that lead you to invaluable information.  

    Communication doesn’t end after the first or second meeting. Instead, you and your investment professional or adviser should be in regular contact and keep each other updated on your investment progress.  

    Client’s needs first 

    A good investment professional or adviser always puts his/her client’s needs first. During your meeting, pay attention to the process he/she takes in advising you. Listen whether he/she– 

    ·aims to get a full picture of your circumstances and needs  

    ·asks you the necessary and relevant questions  

    ·does research  

    ·declares any interests or affiliations with companies, products and services that may give rise to conflict of interests.  

    Regardless of the size of investment, you should get the same amount of attention from your investment professional or adviser.  

    High professional standards 

    First impression counts very much. How your investment professional or adviser presents himself/herself and conducts the meeting is an indication of his/her professionalism. It is important to choose someone whom you are comfortable with and gives you the confidence that he/she is good at his/her job.  

    It would be helpful to find an investment professional or adviser who suits your investing style or personality. A good investment professional or adviser is the one who is not just an order taker, but one who has an investment philosophy that matches yours, is objective when under pressure and acts in your best interest.  

    In addition, a good investment professional or adviser will also point out the risk each time profits/returns is mentioned, so that investors are fully aware of the risks and returns associated with certain investment products before making investment decision. 

    He is also responsive and keeps in touch with the latest economic developments 

    Fees and other charges 

    Just like doctors and mechanics, investment professionals or advisers do impose a fee for their services or advice. It would be good to iron out the initial charges, professional fees or other costs that may incur early and have this in writing to avoid any dispute later on. You must get your investment professional or adviser to list down the fees and charges, and ask him/her to explain each item clearly. You have the right to know what you are paying for and should get the standard of service that is in line with the amount paid.  

    No one investment professional or adviser suits every investor. Investment professionals or advisers are different from one another and the same applies to investors. As an investor, you should be aware of the possibility that your investment professional or adviser may not suit your investment style or if his/her standard of service fails to meet your needs. If you are not happy with your current investment professional, you have the option to switch to another.  

    In conclusion, investment professionals or advisers should assist and/or guide you in making decisions. They cannot make the investment decision on your behalf because the final decision investment decision lies with you as an investor. As such, you must play your role as an investor. This implies that you must know what you want from your investments, be aware of the risks you are prepared to take and equip yourself with the relevant knowledge. 

    Industry players: No need for further delay

    PETALING JAYA: The deferment of the implementation of single-pricing regime (SPR) for unit trusts to July 1, from April 1, is reasonable and should not be delayed further, according to industry players. 

    CIMB-Principal Asset Management Bhd chief executive Noripah Kamso said: “We do not feel that it should be extended further. Keeping to this deadline will discipline the industry to solve all the issues within a specific timeframe. 

    Tunku Ya’acobb

    “We strongly feel that we should speed up being transparent to investors regarding the cost of their investment.” 

    Hwang-DBS Investment Management Bhd chief executive officer and executive director Teng Chee Wai said the company viewed the deferment as reasonable as it had started upgrading its systems in 2006 when the Securities Commission issued the new guidelines the same year. 

    Concurring with Teng and Noripah, The Federation of Malaysian Unit Trust Managers president Tunku Datuk Ya’acob Tunku Abdullah said the federation had had several discussions with its members and that everyone was comfortable with the July 1 deadline. 

    Pacific Mutual Fund Bhd general manager for business development and marketing Gary Gan said the company felt that the new implementation date was reasonable assuming the comprehensive and detailed SPR guidelines were finalised by the first quarter this year.

    Single price will eventually lower sales charges for unit trusts

    PETALING JAYA: The single-pricing regime (SPR) for unit trusts will in the long run pressure fund houses to reduce sales charges and see unit trust consultants playing a more active and advisory role in their clients’ future investments. 

    CIMB-Principal Asset Management Bhd chief executive Noripah Kamso said that in the long run, the SPR was good for the industry because it would be the beginning of a more transparent and cheaper cost of investing. 

    “Clients will be clearly informed about the different distribution channel charges. This will pressure fund houses to reduce distributors’ sales charges. 

    “This move is in line with (the trend in) developed countries. Sales charges in the United States tend to range between 4% and5%, slightly below our industry here as a whole,” Noripah told StarBiz. 

    Noripah Kamso

    The Federation of Malaysian Unit Trust Managers president Tunku Datuk Ya’acob Tunku Abdullah said since discounts and rebates would no longer be allowed under the SPR, the industry could come under pressure to lower fees in the long term. 

    “There will be a paradigm shift as unit trust consultants will move from being sales oriented to a portfolio-managed mentality. The emphasis will be to retain investors and actively manage their funds by switching in and out of the different asset classes to optimise returns for investors. 

    “The role of the unit trust consultants of the future will be more like that of a fund manager rather than that of a salesman,” Tunku Ya’acob added. 

    He said the federation applauded the Securities Commission’s (SC) move to implement the SPR as it would result in better transparency compared with the current two-price system. 

    He said the two-price system of bid and offer pricing would be replaced by a fund’s net asset value. 

    Tunku Ya’acob said the upfront fees would be calculated based on the investment amount, similar to the practice in the stockbroking industry. 

    Pacific Mutual Fund Bhd general manager for business development and marketing Gary Gan said the regime would benefit the industry in terms of transparency in fund sales charges. 

    He hopes the regulators would also take into account the numerous proposals and recommendations from industry players so as to develop the most optimum SPR structure. 

    SC chairman Datuk Zarinah Anwar said recently that the implementation of SPR for unit trusts had been deferred to July 1 from the original schedule of April 1. 

    She said that under the regime, the SC expected full disclosure of the different sales charges between different distribution channels in the prospectus or statements.