Malaysia’s investment management sector includes local and international firms offering Malaysian and global equities, fixed income, unit trusts, multi-asset portfolios, private mandates and Shariah-compliant strategies.
This guide examines selected firms, including Eastspring Investments, AHAM Asset Management, Principal Asset Management, Public Mutual and Kenanga Investors.
Different firms may suit different investors depending on their objectives, risk tolerance, preferred strategies, investment amount and need for local or international access.
If you are unsure which investment management firm or strategy may be more suitable for your needs, you can contact us for help comparing the available options.
Inclusion does not constitute an endorsement or ranking, and investors should independently assess each firm’s licensing, fees, investment approach, risks, accessibility and suitability.
Key Takeaways
- Malaysia has a broad investment management market spanning retail funds, private portfolios and institutional mandates.
- Investment management fees can range from below 1% to more than 2% of AUM annually, with additional charges possible.
- Expats should consider currency, tax, international investment access and what happens to their portfolio if they leave Malaysia.
- Regulatory status, investment strategy, fees and portfolio suitability are key factors when comparing firms.
My contact details are hello@adamfayed.com and WhatsApp +44-7393-450-837 if you have any questions.
The information in this article is for general guidance only. It does not constitute financial, legal, or tax advice, and is not a recommendation or solicitation to invest. Some facts may have changed since the time of writing.
What services do investment management firms offer
Investment management firms generally manage money on behalf of clients by selecting investments, constructing portfolios and monitoring them over time.
The exact services available vary by firm and client type.
Common services include:
- Portfolio management: Building and managing portfolios according to an investor's objectives, risk tolerance and time horizon.
- Discretionary portfolio management: Giving the manager authority to make investment decisions within an agreed mandate.
- Unit trust and mutual fund management: Pooling investors' money into professionally managed funds.
- Institutional asset management: Managing portfolios for pension funds, insurance companies, corporations and other institutions.
- Private mandates: Creating more customized portfolios for high-net-worth or institutional investors.
- Retirement investing: Managing Private Retirement Scheme (PRS) funds and other retirement-oriented portfolios.
- Shariah-compliant investment management: Providing portfolios and funds that follow Islamic investment principles.
- Cash and fixed-income management: Managing money-market, bond and other income-oriented investments.
- Alternative investments: Providing access to strategies such as private markets, alternatives or other specialized investments.
Malaysian investment management firms can manage a broad range of assets, including Malaysian and international equities, bonds, money market instruments, unit trusts, ETFs, REITs, commodities, mixed-asset portfolios and Shariah-compliant investments.
What are the top 10 investment management companies in Malaysia?
Malaysia has numerous licensed investment managers serving retail, institutional and high-net-worth investors. Eastspring Investments, AHAM Asset Management, Principal Asset Management, Public Mutual and Kenanga Investors are among the established firms operating in the country.
Companies can be assessed by assets under management, investment performance, fund range, institutional mandates, retail presence and other measures.
The following 10 companies are included as established firms to compare. Their numerical order does not represent a definitive ranking, and inclusion does not constitute an endorsement.
Reported AUM, AUA and NAV figures are not directly comparable because they measure different assets and may cover different entities, subsidiaries and reporting periods.
1. Eastspring Investments Berhad
Eastspring Investments Berhad is one of Malaysia's major asset managers and is part of Prudential plc.
Established in Malaysia in 2000, it manages both institutional and retail assets and had approximately RM59.3 billion in AUM across 37 funds as of March 2026, according to the company.
Its Malaysian investment capabilities include equities, fixed income, multi-asset and Shariah-compliant strategies.
It also provides customized investment solutions and discretionary portfolios for institutional investors.
2. AHAM Asset Management Berhad
AHAM Asset Management, formerly known as Affin Hwang Asset Management, is an independently managed, institutionally owned asset manager established in 2001.
As of 31 March 2026, AHAM Capital had approximately RM103.4 billion in assets under administration (AUA).
It serves retail investors as well as corporates, institutions, pension funds, government-linked companies, high-net-worth individuals and mass-affluent investors.
Its investment range includes equities, bonds, mixed assets, commodities, REITs and Shariah-compliant investments, with some funds available from relatively low minimum investments.
3. Principal Asset Management Berhad
Principal Asset Management is the Malaysian investment management arm of Principal Financial Group.
The firm offers investment products and solutions covering different investor needs and has a substantial international investment management platform.
Principal's global investment professionals managed more than US$712 billion in assets as of December 2024, while its Malaysian business provides investment solutions, digital investment services, and expertise in compliance, risk management, Shariah advisory and fund outsourcing.
Its Malaysian fund range includes equity, fixed-income, mixed-asset and regional or global funds.
For example, its published fund documents show management fees varying by fund, with some equity funds carrying maximum management fees of 1.50% to 1.85% annually.
4. Public Mutual Berhad
Public Mutual is one of Malaysia’s largest private unit trust and Private Retirement Scheme (PRS) providers and operates as a wholly owned subsidiary of Public Bank Group.
As of July 2026, it managed more than RM119 billion in total net asset value (NAV) across 171 unit trust funds, five wholesale funds and nine PRS funds.
Its funds provide exposure to equities, fixed income, balanced strategies and international markets, making it particularly relevant to investors seeking professionally managed pooled investments.
5. Kenanga Investors Berhad
Kenanga Investors is a wholly owned subsidiary of Kenanga Investment Bank and provides investment solutions to retail, corporate, institutional and high-net-worth clients.
Its services include collective investment schemes, portfolio management, segregated private mandates, alternative investments, ETFs and Private Retirement Schemes.
As of 30 June 2026, Kenanga Investors had RM25.58 billion in total assets under administration (AUA) across 41 unit trust funds, two Private Retirement Schemes comprising seven funds, two ETFs and 21 wholesale funds, alongside other client mandates.
Its Islamic investment arm, Kenanga Islamic Investors, had approximately RM5 billion in AUM, while its ETF-focused subsidiary, Eq8 Capital, had RM382 million in AUM across five ETFs as of the same date.
6. Manulife Investment Management (M) Berhad
Manulife Investment Management (M) Berhad provides investment-management solutions in Malaysia as part of the wider Manulife group.
As of 31 December 2025, it had RM17.9 billion in assets under management (AUM), a record high for the company.
Its offering includes professionally managed funds and retirement-oriented investment products, with access to Malaysian and international investment strategies.
The firm serves both retail and institutional investors.
7. RHB Asset Management Sdn Bhd
RHB Asset Management is part of RHB Group and provides professionally managed investment solutions for retail and institutional investors.
The group also operates RHB Islamic International Asset Management, giving investors access to Shariah-compliant investment management.
As of 2025, RHB Asset Management managed seven ESG-linked funds with total AUM of RM1.172 billion, although this figure represents its ESG/SRI assets rather than its overall assets under management.
8. Hong Leong Asset Management Berhad
Hong Leong Asset Management provides several forms of investment management, including unit trust funds, wholesale funds, private mandates and Private Retirement Schemes.
Its private mandates can provide discretionary and non-discretionary fund management for retail and institutional investors.
The company reported RM15.15 billion in AUM as of December 2025, including unit trust, wholesale and retirement-scheme assets.
9. TA Investment Management Berhad
TA Investment Management has more than 30 years of experience managing unit trust funds and direct mandates.
As of June 30, 2026, TAIM reported RM15.68 billion in AUM, comprising unit trust funds and direct mandate portfolios.
Its investment range includes both local and international markets, as well as conventional and Shariah-compliant funds.
10. AmFunds Management Berhad
AmFunds Management Berhad (AFM) is the fund-management business of AmBank Group, providing professionally managed investment solutions across conventional and Shariah-compliant strategies.
As of 31 March 2026, AFM managed RM44.8 billion in assets under management (AUM) across discretionary mandates and collective investment schemes, including 46 unit trust funds, 13 wholesale funds, five Private Retirement Schemes and two ETFs.
This figure excludes AUM relating to funds delegated to AmIslamic Funds Management.
|
Firm |
Distinctive strength |
Key consideration |
|
Eastspring Investments |
Strong Asian and international investment capabilities |
Large product range means investors need to compare individual funds carefully |
|
AHAM Asset Management |
Broad range of conventional, alternative and Shariah-compliant investments |
May be more suited to investors who want a broad fund selection than highly bespoke portfolio management |
|
Principal Asset Management |
Access to a large global investment platform and international strategies |
Investors should distinguish its global capabilities from the services and products available specifically in Malaysia |
|
Public Mutual |
Extensive unit trust and PRS offering with a strong retail presence |
Primarily focused on pooled investment products, which may offer less portfolio customization than a private mandate |
|
Kenanga Investors |
Wide range spanning funds, private mandates, ETFs, alternatives and Islamic investments |
Its broad offering requires careful comparison of products, fees and investment objectives |
|
Manulife Investment Management |
Combines Malaysian investment solutions with a global asset-management network |
Investors should assess whether individual funds provide the level of international exposure they need |
|
RHB Asset Management |
Conventional and Shariah-compliant investment capabilities within a major banking group |
Investors seeking highly specialized or bespoke strategies may need to compare its mandate options with boutique managers |
|
Hong Leong Asset Management |
Offers both pooled funds and private mandates |
Fees and minimum investment requirements can vary significantly between products and services |
|
TA Investment Management |
Established presence with local, international and Shariah-compliant strategies |
Investors should assess individual fund performance and risk rather than relying on the firm's overall track record |
|
AmFunds Management |
Broad institutional and retail offering with substantial AUM |
Investors should check whether a particular strategy is managed directly by AFM or delegated to another AmInvest entity |
Choosing an investment management firm should depend on your objectives, risk tolerance, investment amount, preferred strategies and need for local or international access—not simply the firm’s size or position in a list.
If you are unsure which firm, platform or investment strategy may be suitable for your circumstances, you can contact us for help comparing the available options. We can also provide a second opinion on an existing portfolio or proposal.
How are investment management firms regulated in Malaysia?
Investment management firms in Malaysia are primarily regulated by the Securities Commission Malaysia (SC), with fund management, investment advice and financial planning subject to licensing requirements under the Capital Markets and Services Act 2007.
A firm conducting fund management generally requires a Capital Markets Services License (CMSL), while relevant individuals may require a Capital Markets Services Representative's License (CMSRL).
The SC's licensing framework covers activities including fund management, investment advice and financial planning.
The SC also regulates unit trust funds and is responsible for authorizing unit trust funds and approving their management companies and trustees.
However, regulation does not guarantee investment returns or protect investors from losses.
Investors should still verify a firm's license, understand the specific investment product, and review its fees, risks and disclosures before investing.
The SC also maintains an Investor Alert List covering unauthorized websites, investment products, companies and individuals, although the regulator notes that the list is not exhaustive.
How much does it cost to have an investment manager in Malaysia?
Malaysia investment management firms may charge from below 1% to more than 2% of assets under management (AUM) annually, based on the service, portfolio size and investment structure.
Investors using managed funds may also face upfront sales charges of up to 6%.
Common costs include:
- Annual management fees
- Sales or application charges
- Trustee or custody fees
- Administration fees
- Performance fees for certain mandates or strategies
Some Malaysian managed funds charge around 1% to 1.5% annually, while certain equity funds charge up to 1.85%.
What should expats check before using a Malaysian investment management firm?
Expats should check a Malaysian investment management firm's regulatory status, portfolio portability, currency exposure, international investment access, tax implications and total fees before investing.
✓Check the firm's regulatory status: Confirm that the firm and relevant representatives hold the appropriate licenses for the services provided.
✓Check portfolio portability: Ask whether you can maintain or transfer the portfolio if you leave Malaysia or change tax residency.
✓Understand currency exposure: Check how much of the portfolio is denominated in MYR and whether this aligns with your future financial needs and liabilities.
✓Check international investment access: Confirm which overseas markets, currencies and investment products the firm can access.
✓Understand tax implications: Consider whether your country of tax residence requires you to report Malaysian investments, income or gains.
✓Review all fees: Request the full fee schedule, including management, sales, platform, transaction, redemption and other charges.
Investment management firms vs financial advisers in Malaysia
Investment management firms in Malaysia manage and make investment decisions for portfolios, while financial advisers primarily provide recommendations on investments and broader financial matters.
The two can overlap, but their roles, services and fee structures are different.
|
Feature |
Investment management firm |
Financial adviser |
|
Primary role |
Manages investment portfolios |
Provides financial recommendations |
|
Investment decisions |
May select and allocate investments |
Usually advises the client, who makes the final decision |
|
Scope |
Portfolio and asset management |
Investments and potentially broader financial planning |
|
Authority |
May have discretionary authority |
Generally does not manage the portfolio directly |
|
Fees |
Management or fund fees |
Advice, planning or product-related fees |
In Malaysia, fund management and investment advice are separate regulated activities under the Securities Commission Malaysia's capital markets licensing framework.
A firm may therefore need different authorizations depending on the services it provides.
Conclusion
The biggest mistake when choosing an investment management firm in Malaysia is treating size, brand recognition or AUM as a proxy for suitability.
A firm can manage billions of ringgit and still offer the wrong portfolio, fee structure or level of flexibility for a particular investor.
For expats especially, the better question is not simply “Which firm is the biggest?” but “Which firm can manage my wealth effectively as my circumstances change?”
That distinction matters when investments, currencies, tax residence and even the country you live in may change over time.
FAQs
What is the safest investment with the highest return in Malaysia?
For lower-risk investing in Malaysia, fixed deposits and high-quality fixed-income investments generally offer greater capital stability, while diversified equities and equity funds offer higher long-term return potential with greater volatility.
What are the top investment platforms in Malaysia?
Popular investment platforms in Malaysia include FSMOne, moomoo Malaysia, Rakuten Trade, Webull Malaysia and Kenanga Trade, while licensed Digital Investment Managers include StashAway Malaysia, Wahed Technologies, Kenanga Investment Bank and UOB Asset Management Malaysia.
The right platform is based on whether you want to manage investments yourself or have a portfolio professionally managed.
What are the four types of investment companies?
Four broad types are asset and fund management companies, investment banks and brokerages, private equity and venture capital firms, and alternative investment managers.
Related Articles
- How Does Expat Investment Advice Work in Malaysia?
- How to Choose the Best Wealth Management Firms for Expats
- Getting money out of Malaysia as an expat
- Top Wealth Managers for Expats
- Top Financial Advisor for Expats
- Best Investments for Expats
- Cross-border Financial Planning for Expat Wealth
- Cross-Border Investing for Expats: How to Invest Across Multiple Countries