22 Jun 2007
Taiwan investors commit US$750 million to new Asian 'bricks and mortar' funds
Prudential Corporation Asia today announced that Taiwan investors have invested US$750 million in two equity funds recently launched by its Taiwan company, PCA Securities Investment Trust Co Ltd (PCA SIT). The strong investor interest in these, and other recently launched funds in Taiwan, has lifted PCA SIT’s funds under management to US$3.6 billion and significantly boosted its overall market ranking.
Launched in mid-May 2007, the Asia Pacific Infrastructure Fund raised US$450 million, reaching its regulatory fund cap. The Fund will invest in infrastructure equities across Asia Pacific (ex Japan).
The Asia Pacific REITS Fund was launched in late December 2006 with a cap of US$300 million and PCA SIT recently received approval in April to increase in cap to approximately US$600 million.
"The success of these fund launches is evidence that the combination of providing innovative products, together with our distribution strategy, is working well in Taiwan," Mr. Choy Peng Wah, Regional Head, Sales & Distribution – Fund Management, Prudential Corporation Asia, said.
"We are one of the first fund management companies in Taiwan to offer Asia-specific funds in infrastructure and REITS. The current pace of economic development, the strong need for infrastructure as well as increasing urbanization in Asian economies makes these funds incredibly attractive," Mr. Mark Ko, Chief Executive Officer, PCA SIT, said.
Prudential Corporation Asia’s fund management business holds a top five market position in five of the markets in which it operates in Asia.
About Prudential Corporation Asia
Prudential Corporation Asia, which comprises both life insurance and fund management operations, is part of Prudential plc* (United Kingdom), one of the world's foremost financial services groups. Prudential is the region’s leading European-based life insurer in terms of market coverage and number of top five market rankings with over 300,000 agents and staff. Its insurance operations span 12 markets - mainland China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.
In Asia, Prudential's fund management business independently manages assets on behalf of a wide range of retail and institutional investors across the region. It is also a fund manager for life and pension products sold by Prudential plc and Prudential Corporation Asia.
The fund management business is one of Asia’s largest and most successful fund managers. With £29.2 billion in assets under management (as of 31 December 2006), it currently ranks No 2 in total retail-sourced assets ex-Japan, and No 3 in overall assets sourced ex-Japan (source: Asia Asset Management Magazine 2006).
It has an extensive geographic footprint with fund management operations in 10 markets – mainland China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and the United Arab Emirates
*Prudential plc, a company incorporated and with its principal place of business in the United Kingdom, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for almost 160 years and has £251 billion in funds under management. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
|Emma Smith, The Consultancy||Ph: +852 3114 6366 / 9308 0099|
|Judith Bence, The Consultancy||Ph: +852 9199 1263|