KUALA LUMPUR, Feb 24 (Bernama) — “CareTRUST™”, Malaysia’s first living trust for retirement, could attract more than 10 per cent of aging Malaysia’s population as subscribers by 2020, Kenanga Investors Bhd Executive Director/Chief Executive Officer, Ismitz Matthew De Alwis said.
The retirement investment solution has a great potential to garner strong demand as the elderly population that expected to increase to 10 per cent by 2020, while other prospective clients in the 40s to 50s will also be targeted, he said.
“For everybody to embrace the whole thing will take time. Right now we are encouraging more participations in the ecosystem in order to have a more established retirement industry.
“In the next three to five years, there would be more connectivity and more stakeholders and players are expected to join the industry,” he told reporters after the launch of ‘CareTRUST™’ here today.
Matthew earlier represented Wealth Management arm of Kenanga Investment Bank Bhd (KenWealth), inked a collaboration agreement with Managedcare Sdn Bhd and Rockwills Trustee Bhd at the launch of the scheme.
Under the tripartite agreement, the fund will be parked at KenWealth, while Managedcare will act as the care administrator, and estate planning specialist Rockwills will serve as the independent trustee.
“This collaboration marks a new milestone for the retirement and aged industry to fulfill the need for an integrated financial and healthcare framework, especially for the ageing population.
“In years to come, the retirement industry can become another new industry with a double-digit growth, with subsector like property and nursing to benefit, and soon there could be more structured nursing homes,” Matthew said.