Kuala Lumpur, 2 January 2009 – HwangDBS Investment Management Bhd. ("HwangDBS IM") today announced that it has appointed Asian Islamic Investment Management Sdn. Bhd. ("AIIMAN"), to manage over RM 230 million of its Islamic suite of funds. In conjunction with this, HwangDBS IM has also taken the opportunity to rename the said funds; as follows: the HwangDBS AIIMAN Cash Fund (ACF), HwangDBS AIIMAN Growth Fund (AGF) and HwangDBS AIIMAN Balanced Fund (ABF), formerly known as HwangDBS Islamic Cash Fund, HwangDBS Dana Izdihar and HwangDBS Dana Fahim respectively.

AIIMAN, which is licensed by the Securities Commission to carry out Islamic fund management activities, is jointly owned by DBS Asset Management Ltd of Singapore (DBSAM) and Hwang-DBS (Malaysia) Berhad [Hwang-DBS (M)]. Its appointment will result in streamlining of portfolio management focus on the part of HwangDBS IM.

AIIMAN’s forté in providing global perspectives to its investment strategies, specifically in Asian equities and global Sukuk, stems from the technical and research support from its parents, notably DBSAM’s expertise in managing global mandates. The Shariah capabilities of AIIMAN are delivered through its management team and its internationally-renowned Shariah Advisory Board.

"In light of the current global financial meltdown, investors turn to investments that can shield them from the impact of the crisis. Given its nature, Islamic finance & investment principles recognise the importance of avoiding excessively complex derivatives and highly leveraged companies. This calls for diligent standards of Islamic investment practices, one which scrutinises the health of a company’s balance sheet though the depth of its gearing (that it remains low), cash profitability, robust business fundamentals and strong management before investing. Hence, we are pleased that our Islamic funds’ investors will continue to benefit with that through our Islamic investment partner, AIIMAN," said Teng Chee Wai, Chief Executive Officer and Executive Director of HwangDBS IM.

The AGF, a fund that invests primarily in Shariah-compliant equities, and the ABF invests in a mixture of equity and fixed income securities, are retail funds that aims to provide capital appreciation over medium to long term. Meanwhile, ACF, a wholesale fund that invests in a diversified portfolio of Islamic money market instruments is ideal for low risk investors seeking for regular income stream with high level of liquidity.