Manulife Unit Trusts Bhd, the wholly-owned subsidiary of Manulife Holdings, has launched its first batch of new funds in a bid to develop the subsidiary's drive to become a fully-fledged wealth management business. 

The first series is composed of five funds: the Manulife Malaysia Equity Fund, Manulife Malaysia Bond Fund, and three ringgit-denominated funds called Manulife Investment Global Resources Fund, Manulife Investment China Value Fund, and Manulife Investment India Equity Fund.

The global fund will focus on equities and equity-linked investments of firms involved in the likes of oil, gas, sugar, and other industries worldwide, the company said in a statement. The China and India funds will be honing in on the Asian region's two powerhouses in the hopes of riding on their economic future. The global financial crisis of 2008 has shifted the attention of investors away from the US and the UK, in favor of Asian opportunities.

The promotional period for the feeder funds will be until 28 January, while the local equity and bond funds are open until 18 January. They have been at a price of 50 sen per unit and will be initially open to the company's unit trust consultants and institutional unit trust advisors.

According to Michael YL Chan, the group chief executive officer for Manulife Holdings, the company is expecting its unit trust and wealth management businesses to drive its future earnings, particularly with Asia in the picture.

The total approved size of the five funds is RM450 million.