Manulife Asset Management Services, the Kuala Lumpur-headquartered unit of Canadian financial management group Manulife Financial, has launched a new fund that focuses on private retirement.

The Manulife PRS NESTEGG Series is designed to help Malaysians plan for retirement and is in line with the Financial Services National Key Economic Area of the Economic Transformation Programme, which aims to align the country's pension system with socioeconomic and demographic changes.

Through the fund, individuals will be able to add to their savings and diversify their retirement investment portfolio to support post-retirement life. 

The launch is in response to a recent Manulife study that shows there are around two million working adults who are not covered by the Employees Provident Fund.

"With the burgeoning cost of financing quality post-retirement lifestyles for a ballooning senior population, the need for individuals to save more has intensified," said Edward Ooi, chief executive of Manulife Asset Management Services Berhad.

Manulife PRS NESTEGG includes three core funds with an initial offer price of MYR0.50 per unit. It is available for both Malaysians and non-citizens aged 18 and above.