KUALA LUMPUR, June 10 (Bernama) -- K&N Kenanga Holdings Bhd's subsidiary Kenanga Investors Bhd announced Monday that ING Funds Bhd's entire business has been successfully transferred to Kenanga Investors Bhd.
The tansfer of ING Funds Bhd's entire business which includes all of its assets and liabilites marks a milestone for the integration exercise, as both institutions now operate as one entity, said Kenanga in a statement today.
"We are very excited about the completion of this merger exercise and the prospects it brings.
"With this, Kenanaga Investors has moved up from number 16 to number 12 in terms of unit trust assets under management (AUM)," said K&N Kenanga Holdings Bhd Group Managing Director Chay Wai Leong.
Chay said Kenanga will now have over RM5 billion in AUM as well as a larger retail customer base of over 30,000 investors.
He also said the company is one of the eight Private Retirement Scheme (PRS) providers in the country and is looking forward to offering relevant and compelling PRS products to the market.
Kenanga Group, driven by its growth agenda, has embarked on an expansion plan to bolster its businesses and fortify its presence in Malaysia.
-- BERNAMA
http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=955031
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