Project Trustee Migration (FAQ)
Question 1: Have the existing trustees notified Principal Asset Management Berhad (Principal) of their intention to retire/resign as trustee for the funds?
Answer: Yes, they have informed Principal.
Question 2: How did the existing trustees inform Principal?
Answer:Via formal letter.
Question 3: What are the effective resignation dates for the existing trustees?
Answer: The resignation shall be effective on such dates as maybe mutually agreed between existing trustees and Principal and is disclosed in the offering documents.
Question 4: Where can I find the offering documents?
Answer: Websites such as Principal Asia Pacific Dynamic Income Fund (Class D) | Principal Malaysia .
Question 5: Have investors been informed of the plan to change the trustees?
Answer: Yes, the plan was communicated to investors on 27 Feb 2023 and 22 April 2024.
Question 6: How was the existing trustee’s resignation conveyed to investors?
Answer: We informed investors of the resignation of the existing trustees via a notification letter.
Question 7: How many trustees have resigned?
Answer: Six trustees have resigned.
Question 8: What would be the reason(s) for their resignation?
Answer: Principal Asset Management Berhad (“the Manager”) had considered the requisite operations and systems required for the funds and proposed that HSBC (Malaysia) Trustee Berhad (“HSBCT”) to be appointed as the new replacement trustee for the funds. The existing trustees has informed the Manager of its intention to retire/resign as the trustee for the funds.
Question 9: Who are the trustees?
Answer: The trustees are:
1. AmanahRaya Trustees Berhad
2. Maybank Trustees Berhad
3. MTrustee Berhad
4. PB Trustee Services Berhad
5. Universal Trustee (Malaysia) Berhad
6. Deutsche Bank Trustees Berhad
Question 10: Who will be the newly appointed trustee for the affected Funds?
Answer: HSBC (Malaysia) Trustee Berhad (“HSBCT”)
Question 11: Why was HSBCT selected as the newly appointed trustee?
Answer: Principal has embarked on consolidation plans to streamline and reduce the number of trustees for the affected funds to improve operational efficiency. After considering the requisite capabilities, operations and system required, Principal has decided that HSBCT would be qualified to be appointed as the new replacement trustee for the affected funds.
Question 12: How many funds will be affected?
Answer: 64 funds.
Question 13: What are the funds?
Answer:
No | Fund Name | Incumbent Trustee |
1 | Principal Institutional Bond Fund 2 | Maybank Trustees Berhad |
2 | Principal Money Market Income Fund | Maybank Trustees Berhad |
3 | Principal Conservative Bond Fund | PB Trustee Services Berhad |
4 | Principal Deposit Fund 2 | PB Trustee Services Berhad |
5 | Principal Corporate Deposit Fund 1 | PB Trustee Services Berhad |
6 | Principal Institutional Bond Fund 4 | PB Trustee Services Berhad |
7 | Principal Institutional Bond Fund 6 | PB Trustee Services Berhad |
8 | Principal Institutional Bond Fund 5 | PB Trustee Services Berhad |
9 | Principal Islamic Aggressive Wholesale Fund-of-Funds | PB Trustee Services Berhad |
10 | Principal Islamic Balanced Wholesale Fund-of-Funds | PB Trustee Services Berhad |
11 | Principal Islamic Conservative Wholesale Fund-of-Funds | PB Trustee Services Berhad |
12 | Principal Dynamic Enhanced Malaysia Income Fund | Maybank Trustees Berhad |
13 | Principal Lifetime Balanced Fund | Maybank Trustees Berhad |
14 | Principal Lifetime Enhanced Bond Fund | Maybank Trustees Berhad |
15 | Principal Malaysia Opportunities Fund | Maybank Trustees Berhad |
16 | Principal Small Cap Opportunities Fund | Maybank Trustees Berhad |
17 | Principal Malaysia Enhanced Opportunities Fund | AmanahRaya Trustees Berhad |
18 | Principal Titans Growth & Income Fund | AmanahRaya Trustees Berhad |
19 | Principal Lifetime Bond Fund | PB Trustee Services Berhad |
20 | Principal Asia Titans Fund | Universal Trustee (Malaysia) Berhad |
21 | Principal China-India-Indonesia Opportunities Fund | Universal Trustee (Malaysia) Berhad |
22 | Principal Lifetime Balanced Income Fund | Universal Trustee (Malaysia) Berhad |
23 | Principal Malaysia Titans Fund | Universal Trustee (Malaysia) Berhad |
24 | Principal Titans Income Plus Fund | Universal Trustee (Malaysia) Berhad |
25 | Principal Islamic Lifetime Balanced Growth Fund | Maybank Trustees Berhad |
26 | Principal DALI Equity Growth Fund | MTrustee Berhad |
27 | Principal DALI Asia Pacific Equity Growth Fund | AmanahRaya Trustees Berhad |
28 | Principal Islamic Enhanced Opportunities Fund | AmanahRaya Trustees Berhad |
29 | Principal Islamic Lifetime Sukuk Fund | AmanahRaya Trustees Berhad |
30 | Principal Islamic Malaysia Opportunities Fund | AmanahRaya Trustees Berhad |
31 | Principal DALI Equity Fund | Universal Trustee (Malaysia) Berhad |
32 | Principal Islamic Lifetime Balanced Fund | Universal Trustee (Malaysia) Berhad |
33 | Principal Islamic Small Cap Opportunities Fund | Universal Trustee (Malaysia) Berhad |
34 | Principal Islamic Wholesale Sukuk Fund | PB Trustee Services Berhad |
35 | Principal Islamic Wholesale Ringgit Malaysia Money Market Fund | PB Trustee Services Berhad |
36 | Principal Islamic Wholesale USD Money Market Fund | PB Trustee Services Berhad |
37 | Principal Global Dynamic Innovation Fund (formerly known as Principal Global Millennial Equity Fund) | Deutsche Trustees Malaysia Berhad |
38 | Principal Global Real Estate Fund | Deutsche Trustees Malaysia Berhad |
39 | Principal Global Technology Fund | Deutsche Trustees Malaysia Berhad |
40 | Principal Heritage Balanced Fund | Deutsche Trustees Malaysia Berhad |
41 | Principal Heritage Growth Fund | Deutsche Trustees Malaysia Berhad |
42 | Principal Heritage Income Fund | Deutsche Trustees Malaysia Berhad |
43 | Principal FTSE ASEAN 40 Malaysia ETF | Deutsche Trustees Malaysia Berhad |
44 | Principal FTSE China 50 ETF | Deutsche Trustees Malaysia Berhad |
45 | Principal Islamic PRS Plus Conservative | Deutsche Trustees Malaysia Berhad |
46 | Principal Islamic PRS Plus Moderate | Deutsche Trustees Malaysia Berhad |
47 | Principal Islamic PRS Plus Growth | Deutsche Trustees Malaysia Berhad |
48 | Principal Islamic PRS Plus Equity | Deutsche Trustees Malaysia Berhad |
49 | Principal Islamic PRS Plus Asia Pacific Ex Japan Equity | Deutsche Trustees Malaysia Berhad |
50 | Principal Islamic RetireEasy Income | Deutsche Trustees Malaysia Berhad |
51 | Principal Islamic RetireEasy 2030 | Deutsche Trustees Malaysia Berhad |
52 | Principal Islamic RetireEasy 2040 | Deutsche Trustees Malaysia Berhad |
53 | Principal Islamic RetireEasy 2050 | Deutsche Trustees Malaysia Berhad |
54 | Principal Islamic RetireEasy 2060 | Deutsche Trustees Malaysia Berhad |
55 | Principal PRS Plus Conservative | Deutsche Trustees Malaysia Berhad |
56 | Principal PRS Plus Moderate | Deutsche Trustees Malaysia Berhad |
57 | Principal PRS Plus Growth | Deutsche Trustees Malaysia Berhad |
58 | Principal PRS Plus Equity | Deutsche Trustees Malaysia Berhad |
59 | Principal PRS Plus Asia Pacific Ex Japan Equity | Deutsche Trustees Malaysia Berhad |
60 | Principal RetireEasy Income | Deutsche Trustees Malaysia Berhad |
61 | Principal RetireEasy 2030 | Deutsche Trustees Malaysia Berhad |
62 | Principal RetireEasy 2040 | Deutsche Trustees Malaysia Berhad |
63 | Principal RetireEasy 2050 | Deutsche Trustees Malaysia Berhad |
64 | Principal RetireEasy 2060 | Deutsche Trustees Malaysia Berhad |
Question 14: How does this change affect the investors?
Answer: The changes does not adversely affect the investors.
Question 15: Is there any benefit from the change of trustees?
Answer: Operational and commercial benefits not limited to fees (equal or better in some instances)
Question 16: Do investors need to take any specific action to accommodate this change?
Answer: No action is required.
Question 17: Will Principal publish the updated fund offering documents on its website?
Answer: The updated fund offering documents-prospectus, information memorandum, and product highlights sheet will be published on our website and made available for download.
Question 18: When will the changes take effect?
Answer:
No | Fund Name | Effective date |
1 | Principal Institutional Bond Fund 2 | 3-Oct-23 |
2 | Principal Money Market Income Fund | 3-Oct-23 |
3 | Principal Conservative Bond Fund | 25-May-23 |
4 | Principal Deposit Fund 2 | 11-Oct-23 |
5 | Principal Corporate Deposit Fund 1 | 11-Oct-23 |
6 | Principal Institutional Bond Fund 4 | 25-May-23 |
7 | Principal Institutional Bond Fund 6 | 25-May-23 |
8 | Principal Institutional Bond Fund 5 | 25-May-23 |
9 | Principal Islamic Aggressive Wholesale Fund-of-Funds | 11-Oct-23 |
10 | Principal Islamic Balanced Wholesale Fund-of-Funds | 11-Oct-23 |
11 | Principal Islamic Conservative Wholesale Fund-of-Funds | 11-Oct-23 |
12 | Principal Dynamic Enhanced Malaysia Income Fund | 24-Nov-2023 |
13 | Principal Lifetime Balanced Fund | 24-Nov-2023 |
14 | Principal Lifetime Enhanced Bond Fund | 24-Nov-2023 |
15 | Principal Malaysia Opportunities Fund | 24-Nov-2023 |
16 | Principal Small Cap Opportunities Fund | 24-Nov-2023 |
17 | Principal Malaysia Enhanced Opportunities Fund | 4-Dec-2023 |
18 | Principal Titans Growth & Income Fund | 4-Dec-2023 |
19 | Principal Lifetime Bond Fund | 24-Nov-2023 |
20 | Principal Asia Titans Fund | 28-Nov-2023 |
21 | Principal China-India-Indonesia Opportunities Fund | 28-Nov-2023 |
22 | Principal Lifetime Balanced Income Fund | 28-Nov-2023 |
23 | Principal Malaysia Titans Fund | 28-Nov-2023 |
24 | Principal Titans Income Plus Fund | 28-Nov-2023 |
25 | Principal Islamic Lifetime Balanced Growth Fund | 3-Oct-23 |
26 | Principal DALI Equity Growth Fund | 5-Oct-23 |
27 | Principal DALI Asia Pacific Equity Growth Fund | 2-Nov-23 |
28 | Principal Islamic Enhanced Opportunities Fund | 9-Oct-23 |
29 | Principal Islamic Lifetime Sukuk Fund | 9-Oct-23 |
30 | Principal Islamic Malaysia Opportunities Fund | 9-Oct-23 |
31 | Principal DALI Equity Fund | 2-Nov-23 |
32 | Principal Islamic Lifetime Balanced Fund | 2-Nov-23 |
33 | Principal Islamic Small Cap Opportunities Fund | 5-Oct-23 |
34 | Principal Islamic Wholesale Sukuk Fund | 11-Oct-23 |
35 | Principal Islamic Wholesale Ringgit Malaysia Money Market Fund | 11-Oct-23 |
36 | Principal Islamic Wholesale USD Money Market Fund | 11-Oct-23 |
37 | Principal Global Dynamic Innovation Fund (formerly known as Principal Global Millennial Equity Fund) | 18-Nov-24 |
38 | Principal Global Real Estate Fund | 18-Nov-24 |
39 | Principal Global Technology Fund | 18-Nov-24 |
40 | Principal Heritage Balanced Fund | 18-Nov-24 |
41 | Principal Heritage Growth Fund | 18-Nov-24 |
42 | Principal Heritage Income Fund | 18-Nov-24 |
43 | Principal FTSE ASEAN 40 Malaysia ETF | 18-Nov-24 |
44 | Principal FTSE China 50 ETF | 18-Nov-24 |
45 | Principal Islamic PRS Plus Conservative | 2-Dec-24 |
46 | Principal Islamic PRS Plus Moderate | 2-Dec-24 |
47 | Principal Islamic PRS Plus Growth | 2-Dec-24 |
48 | Principal Islamic PRS Plus Equity | 2-Dec-24 |
49 | Principal Islamic PRS Plus Asia Pacific Ex Japan Equity | 2-Dec-24 |
50 | Principal Islamic RetireEasy Income | 18-Nov-24 |
51 | Principal Islamic RetireEasy 2030 | 18-Nov-24 |
52 | Principal Islamic RetireEasy 2040 | 18-Nov-24 |
53 | Principal Islamic RetireEasy 2050 | 18-Nov-24 |
54 | Principal Islamic RetireEasy 2060 | 18-Nov-24 |
55 | Principal PRS Plus Conservative | 2-Dec-24 |
56 | Principal PRS Plus Moderate | 2-Dec-24 |
57 | Principal PRS Plus Growth | 2-Dec-24 |
58 | Principal PRS Plus Equity | 2-Dec-24 |
59 | Principal PRS Plus Asia Pacific Ex Japan Equity | 2-Dec-24 |
60 | Principal RetireEasy Income | 18-Nov-24 |
61 | Principal RetireEasy 2030 | 18-Nov-24 |
62 | Principal RetireEasy 2040 | 18-Nov-24 |
63 | Principal RetireEasy 2050 | 18-Nov-24 |
64 | Principal RetireEasy 2060 | 18-Nov-24 |
Question 19: Does this change affect the fund’s objective and strategy?
Answer: No, it does not.
Question 20: Will there be a revision of the trustee fees?
Answer: There will be a revision of fees for selected funds although it would not be worse off.
Question 21: What are the changes to the trustee fees?
Answer:
No | Fund Name | Previous trustee fee (% per annum) | Revised trustee fee |
|---|---|---|---|
1 | Principal Institutional Bond Fund 2 | Note 1 | 0.009 |
2 | Principal Money Market Income Fund | 0.03 | 0.015 |
3 | Principal Conservative Bond Fund | 0.025 | 0.025 |
4 | Principal Deposit Fund 2 | 0.01 | 0.01 |
5 | Principal Corporate Deposit Fund 1 | 0.02 | 0.015 |
6 | Principal Institutional Bond Fund 4 | 0.04 | 0.03 |
7 | Principal Institutional Bond Fund 6 | 0.02 | 0.02 |
8 | Principal Institutional Bond Fund 5 | 0.02 | 0.02 |
9 | Principal Islamic Aggressive Wholesale Fund-of-Funds | 0.035 | 0.03 |
10 | Principal Islamic Balanced Wholesale Fund-of-Funds | 0.035 | 0.03 |
11 | Principal Islamic Conservative Wholesale Fund-of-Funds | 0.035 | 0.03 |
12 | Principal Dynamic Enhanced Malaysia Income Fund | 0.08 | 0.045 |
13 | Principal Lifetime Balanced Fund | 0.08 | 0.045 |
14 | Principal Lifetime Enhanced Bond Fund | 0.05 | 0.03 |
15 | Principal Malaysia Opportunities Fund | 0.08 | 0.045 |
16 | Principal Small Cap Opportunities Fund | 0.07 | 0.045 |
17 | Principal Malaysia Enhanced Opportunities Fund | 0.06 | 0.045 |
18 | Principal Titans Growth & Income Fund | 0.07 | 0.045 |
19 | Principal Lifetime Bond Fund | 0.05 | 0.03 |
20 | Principal Asia Titans Fund | 0.035 | 0.035 |
21 | Principal China-India-Indonesia Opportunities Fund | 0.08 | 0.045 |
22 | Principal Lifetime Balanced Income Fund | Note 2 | 0.045 |
23 | Principal Malaysia Titans Fund | Note 2 | 0.045 |
24 | Principal Titans Income Plus Fund | 0.06 | 0.045 |
25 | Principal Islamic Lifetime Balanced Growth Fund | 0.07 | 0.045 |
26 | Principal DALI Equity Growth Fund | 0.06 | 0.045 |
27 | Principal DALI Asia Pacific Equity Growth Fund | 0.06 | 0.045 |
28 | Principal Islamic Enhanced Opportunities Fund | 0.09 | 0.045 |
29 | Principal Islamic Lifetime Sukuk Fund | 0.06 | 0.03 |
30 | Principal Islamic Malaysia Opportunities Fund | 0.05 | 0.045 |
31 | Principal DALI Equity Fund | 0.06 | 0.045 |
32 | Principal Islamic Lifetime Balanced Fund | 0.1 | 0.045 |
33 | Principal Islamic Small Cap Opportunities Fund | 0.06 | 0.045 |
34 | Principal Islamic Wholesale Sukuk Fund | 0.025 subject to minimum RM12k p.a. | 0.01 |
35 | Principal Islamic Wholesale Ringgit Malaysia Money Market Fund | 0.02 | 0.01 |
36 | Principal Islamic Wholesale USD Money Market Fund | 0.02 | 0.015 |
37 | Principal Global Dynamic Innovation Fund (formerly known as Principal Global Millennial Equity Fund) | 0.06 | 0.045 |
38 | Principal Global Real Estate Fund | 0.055 | 0.055 |
39 | Principal Global Technology Fund | 0.06 | 0.03 |
40 | Principal Heritage Balanced Fund | 0.04 | 0.03 |
41 | Principal Heritage Growth Fund | 0.04 | 0.03 |
42 | Principal Heritage Income Fund | 0.04 | 0.03 |
43 | Principal FTSE ASEAN 40 Malaysia ETF | 0.08 subject to minimum RM12k p.a. | 0.045 |
44 | Principal FTSE China 50 ETF | 0.08 subject to minimum RM12k p.a. | 0.045 |
45 | Principal Islamic PRS Plus Conservative | 0.04 | 0.04 |
46 | Principal Islamic PRS Plus Moderate | 0.04 | 0.04 |
47 | Principal Islamic PRS Plus Growth | 0.04 | 0.04 |
48 | Principal Islamic PRS Plus Equity | 0.04 | 0.04 |
49 | Principal Islamic PRS Plus Asia Pacific Ex Japan Equity | 0.04 | 0.04 |
50 | Principal Islamic RetireEasy Income | 0.04 subject to min RM24k p.a | 0.04 |
51 | Principal Islamic RetireEasy 2030 | 0.04 subject to min RM24k p.a | 0.04 |
52 | Principal Islamic RetireEasy 2040 | 0.04 subject to min RM24k p.a | 0.04 |
53 | Principal Islamic RetireEasy 2050 | 0.04 subject to min RM24k p.a | 0.04 |
54 | Principal Islamic RetireEasy 2060 | 0.04 subject to min RM24k p.a | 0.04 |
55 | Principal PRS Plus Conservative | 0.04 | 0.04 |
56 | Principal PRS Plus Moderate | 0.04 | 0.04 |
57 | Principal PRS Plus Growth | 0.04 | 0.04 |
58 | Principal PRS Plus Equity | 0.04 | 0.04 |
59 | Principal PRS Plus Asia Pacific Ex Japan Equity | 0.04 | 0.04 |
60 | Principal RetireEasy Income | 0.04 subject to min RM24k p.a | 0.04 |
61 | Principal RetireEasy 2030 | 0.04 subject to min RM24k p.a | 0.04 |
62 | Principal RetireEasy 2040 | 0.04 subject to min RM24k p.a | 0.04 |
63 | Principal RetireEasy 2050 | 0.04 subject to min RM24k p.a | 0.04 |
64 | Principal RetireEasy 2060 | 0.04 subject to min RM24k p.a | 0.04 |
Note 1:
Fund Size (NAV of the Fund) | Trustee Fee (Including local custodian fee but excluding sub-custodian fees and charges) |
Up to and including MYR500 million | 0.022% per annum of the NAV of the Fund |
Above MYR500 million and up to and including MYR1 billion | 0.016% per annum of the NAV of the Fund |
Above MYR1 billion and up to and including MYR1.5 billion | 0.011% per annum of the NAV of the Fund |
Above MYR1.5 billion | 0.009% per annum of the NAV of the Fund |
Note 2:
Size of the Fund | % p.a. of NAV of the Fund |
First MYR20 million | 0.06 |
Next MYR20 million | 0.05 |
Next MYR20 million | 0.04 |
Next MYR20 million | 0.03 |
Next MYR20 million | 0.02 |
Any amount in excess of MYR100 million | 0.01 |
Question 22: Will there be any changes to NAV pricing delivery because of the change of Trustees?
Answer: No.