Chua (fifth left), Mohd Zahidi (fourth left), Teng (second left) and others jointly cut the ribbon to mark the opening of Affin Hwang’s new office at Plaza Shell.
KOTA KINABALU: Affin Hwang Asset Management Berhad has been managing assets close to over RM970 million in Sabah since 2004, which includes portfolios for several state-owned companies with consistent performance and returns.
Chief Minister Datuk Seri Panglima Shafie Apdal said Affin Hwang’s portfolio included the planning and management of the recovery of Saham Amanah Sabah (SAS).
“Since Affin Hwang was appointed on February 1, 2005 as the external fund manager for SAS, the fund’s performance has increased by four-fold with returns totaling 374.88 per cent as at end od January 2019.
“This is equivalent to an annualized return of 11.77 per cent per annum.
“This has benefitted the existing investors, all of whom are Sabahans.”
Shafie stated this in his speech, which was delivered by Assistant Finance Minister Kenny Chua, who represented him to officiate at the Affin Hwang AM Sabah branch’s new and upgraded office at Plaza Shell here yesterday.
He also commended the strong performance of the fund and savvy fund manager in navigating different market-cycles to deliver absolute returns without taking excessive risk.
“Trust is an indelible function of all forms of investments, and we recognize the strong commitment that Affin Hwang has pledged to investors that it will behave with integrity and be honest and transparent in all its proceedings when managing their unitholders’ hard-earned savings.
“By allowing Sabahans an opportunity to participate in the market and to compound their returns, we hope this will provide them the opportunity to build a comfortable sum to retire comfortably and not put up with financial difficulties in their golden years.”
He further hoped to see the economic spill-over benefits to the rest of Sabah through increased wealth distribution that would drive growth and aid development.
Shafie in his speech also hoped that more corporations such as Affin Hwang could play a more active role in the development of society and communities of which such businesses operate in.
He said the company had been championing financial literacy standards across the country through its ‘Beyond the Classroom’ student workshops, where students in Sabah were exposed to concepts of financial literacy including planning a budget, managing their income and expenditure and to live within their means.
He said most young Malaysians were often trapped in emotional spending and accumulating large debts.
“Most are hard-pressed and have to resort to living from pay cheque to pay cheque.
“Through such workshops, we hope that we can equip our young generation with the essential life skills and knowledge that they need to take on a new world that is fast-changing.
“And hopefully to plan their finances well and be disciplined in managing their wealth.”
Meanwhile, Affin Hwang managing director Teng Chee Wai said the company started with just RM20 million in assets under administration (AUA) as it began operations in 2000 from its humble roots in Penang.
“Today, we’ve grown from strength-to-strength to reach a total AUA size of almost RM50 billion as at end February with seven branches spread across the country.”
For Sabah, the company is aiming to grow its asset management to RM1.5 billion to RM2 billion in the next three years.
“With the successful opening of our new branch in Sabah today, the company hopes to strengthen its foothold in the State and deepen its relationship with the Sabahan community.
“We see strong demand for simple yet sophisticated investment solutions that can cater to the bourgeoning wealth needs of local investors for consistent returns.
“As we lay down the next key plank for growth in the State, we look forward to working closely together with the community and Sabah state government to forget closer ties and find synergistic ways towards enlarging the economic pie and the collective betterment of all Sabahans.”
Also present was Affin Bank Berhad chairman General Dato’ Seri DiRaja Tan Sri (Dr) Mohd Zahidi bin Haji Zainuddin.