by Ernie B. Calucag
Manulife Singapore announced Wednesday that its Manulife Income Series – Singapore Fund has reached the S$20.0-million mark in fund size, one month after the end of its IPO period.
The group said the sum raised by the fund has exceeded its projections, driven mainly by investors’ strategy to take cover in regular income products that help provide shelter amidst uncertainty.
The Manulife Income Series – Singapore Fund is the first fund for an investment-linked plan (ILP) in the Singapore market to provide a regular monthly income catering to retirement needs and other financial objectives.
The income paying platform leverages on the strong fundamentals of the Singapore economy as well as its growth potential as an Asian hub participating in the region’s strong growth.
“We believe the fund, which was distributed through our over 1,000 financial planners, was well-subscribed because Singaporeans are looking for a regular stream of income to reduce the retirement gap in one of the fastest ageing societies in the world. The Manulife Singapore Fund is a good match of assets and to the liabilities of many Singaporeans,” said Annette King, President & CEO of Manulife Singapore.
The fund seeks to provide medium to long term capital appreciation and income by primarily investing 60 per cent into the Manulife Singapore Bond Fund and 40 per cent into the Manulife Singapore Equity Fund, both of which are managed by Manulife Asset Management (Singapore) Pte Ltd.
Manulife said the fund’s balanced-portfolio approach is designed to cushion the impact of market volatility.
The fund targets to pay a dividend of S$0.036 per unit per annum or S$0.003 per unit per month.