Principal Asset Management Malaysia’s private retirement scheme target date funds are now available to users of TNG e-wallet.
The move was made in collaboration with TNG Digital, which owns the e-wallet.
Investors can buy the funds through the e-wallet for a minimum 100 ringgit (US$22.44), TNG Digital and Principal Malaysia say in a joint statement on November 28.
Target date funds are managed such that the investments become more conservative when an investor is nearing retirement.
“This way, the investor doesn’t need to worry about proactively managing or rebalancing their investments in PRS - just stay consistent with your contributions, and let the fund do the heavy lifting for you,” Munirah Khairuddin, chief executive officer of Principal Malaysia, says in the statement.
Principal Malaysia, a joint venture between US asset manager Principal Financial Group and Malaysian lender CIMB, managed 79 billion ringgit of assets as of end-June.