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Malaysia Mutual Fund Industry: Issues and Challenges.
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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Malaysia Mutual Fund Industry: Issues and Challenges. In making mutual fund industry competitive in Malaysia, the Federation of Malaysian Unit Trust Managers (FMUTM) has got together in June 2001 to come out with a paper titled "Development Plan for Unit Trust Industry" to respond to the Capital Market Masterplan (CMP) that was launched in February 2001. According to FMUTM president Datuk Abdul Azim Mohd Zabadi, the main drive of the development plan is the convergence of licensing for unit trust management companies and asset managers. The plan recommends the restructuring of unit trust management companies into investment management companies in line with the recommendations for streamlining licensing rules in the investment management industry. Presently in Malaysia, unit trust management companies' scope of business is limited by the Securities Commission (SC)'s guidelines on unit trust funds. Clause 4.2.2 specifies that unit trust management companies may only engage in the business of...
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