Eastspring Investments (Eastspring), the Asian asset management business of Prudential plc, raised close to S$115 million (US$84.75 million) for its new retail fixed maturity product (FMP), the Eastspring Investments Unit Trusts - Fixed Income Plan Series 2 (Fixed Income Plan Series 2). The Fixed Income Plan Series 2 marks Eastspring’s first FMP offering to retail investors in Singapore.
Xavier Meyer, head of distribution at Eastspring, comments, “The success of our first retail FMP launch in Singapore is underpinned by strong investor demand for unique products that offer regular pay out over a fixed term.”
“When designing FMPs, especially one registered for retail investors, risk management is key. We spent a considerable amount of time working on the portfolio specifications to ensure diversification not just across regions, but also countries and sectors. As part of our risk management process, our portfolio managers also established additional country, sector and issuer limits to help deliver the fund’s investment objective.”
“Riding on the positive momentum that we have seen since the beginning of 2019, we are pleased that the total amount raised from our FMPs in Asia has risen to approximately US$1.5 billion following our latest launch in Singapore. This demonstrates investors’ confidence in our team’s expertise, track record and ability to customize compelling investment solutions that cater to their needs,” Meyer says.
Maybank Singapore was the anchor distributor for the Fixed Income Plan Series 2 launch, and other distributors include Financial Alliance, iFast, Phillip Securities and Professional Investment Advisory Services. The offer period for the FMP has now closed.