KUALA LUMPUR: Pelaburan Hartanah Bhd's (PHB) subsidiary, PHB Asset Management Bhd (PHBAM) has taken over the management of commercial property unit trust, Amanah Hartanah Bumiputera (AHB) effective today, July 1, 2024.
In May, PHB announced that it would part ways with previous manager,Maybank Asset Management Sdn Bhd (MAM), to independently manage AHB.
PHB and AmanahRaya Trustees Bhd will continue to be the sponsor and trustee respectively for AHB.
AHB is a Shariah-compliant unit trust that invests primarily in the beneficial ownership of commercial properties in prime locations in Malaysia.
PHBAM chief executive officer Zulkifli Ishak said its primary objective aligns closely with PHB's mandate to increase the capacity and wealth of Bumiputera through commercial real estate participation and ownership.
"AHB has grown from RM1 billion in 2010 to RM5 billion in 2023, benefiting over 80,000 unitholders in terms of wealth generation."With its fixed-price structure and zakat-deducted semi-annual profit distributions, AHB is ideal for investors pursuing financial planning, including education savings and as a vehicle for retirement funds," he said.
Meanwhile, Zulkifli said PHBAM acknowledges MAM exceptional service and support since the inception of the AHB fund in 2010.
He said the partnership has consistently resulted in full subscription of the AHB unit.
PHBAM aims to enhance the value proposition of AHB fund by providing a holistic financial service under one product through the integration of additional solutions, such as takaful, hibah waqf, and legacy planning.
The initiative is intended to offer AHB unitholders a more structured approach to wealth creation and distribution.
In addition, all transactions for the AHB fund remain accessible at Maybank, AmBank, AmBank Islamic, and Bank Islam branches nationwide, as well as through Maybank2u. Ends