Investor Guide
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Switching
Switching of units is considered a withdrawal
or redemption of units from a fund and an application to purchase units of
another fund.
The switching facility is provided to
facilitate investors in rebalancing their portfolios on a bi-annual or annual
basis to ensure the asset allocation of their investments remains in line with
their risk profiles and long-term investment objectives.
Things to be aware of if you conduct frequent switching
· Switching made within 90 days from
the date of purchase of units / switching into that fund may incur a switching
fee of up to 0.75% or a minimum of RM 50.00 (up to
0.50% or a minimum of RM1 for the e-Series) per
transaction.
· Frequent trading of units may lead to increased costs to the fund, may be disruptive to efficient portfolio management, and thus potentially contrary to the best interests of the fund.
Switching can be made via the following channels:
i) Public Mutual Online (PMO)
ii) Public Mutual Head Office, Customer Service Centres or Branches
iii) Public Bank Branches
Public Mutual Online (PMO) | For PMO subscribers, you may proceed to perform switching via PMO. Please log in to Public Mutual Online (PMO) and follow the steps below: 1) Select 'Switch' and choose investment scheme (Cash, EPF or Private Retirement). 2) Select 'Switch-From Account'. 3) Enter 'Switch-Out Units' and select 'Switch-To Fund'. 4) Click on 'Proceed' button. 5) Read and understand the Terms & Condition of Switching, Product Highlights Sheet and Prospectus/Information Memorandum of the intended Switch-To Fund. 6) Check your mobile device for the SecureSign* push notification to authenticate your request. 7) Click 'Confirm' to submit your switching request. 8) View and print the digital receipt (if required). Only applicable for accounts which the PMO subscriber is the First Holder, and the Authority To Operate Account (ATO) is "First Holder To Sign" or "Either One To Sign". As for the ATO of "Both To Sign", BOTH the First Holder and Joint Holder are required to walk in to any Public Mutual branch to perform and authorise the transactions. *Didn't get the notification? Launch PMO PLUS and Tap the 'SecureSign' icon. |
Public Mutual Head Office, Customer Service Centres or Branches | The Request for Switching Form can be submitted at Public Mutual's Head Office, Customer Service Centres or any Public Mutual branch. Forms/documents required: i) Request for Switching Form ii) MyKad (of the person submitting the request) iii) If Switching Form is submitted by a third party, an authorisation letter and a copy of unitholder’s MyKad must be attached. Click here for the full list of branch locations. |
Public Bank branches | The Request for Switching Form can also be submitted at any Public Bank branch. This is applicable for the PB Series of Funds & Public e-Series of Funds distributed by Financial Executives of Public Bank only. Forms/documents required are the same as those required for submission at Public Mutual branches. |
· Mutual
Gold members can enjoy switching fee waivers for up to 15 switches of loaded units and
1%-load units which are made after 90 days (from the date of purchase)*
· Mutual
Gold Elite members can enjoy switching fee waivers for up to 25 switches of loaded units and
1%-load units which are made after 90 days (from the date of purchase)*
· Mutual
Platinum members can enjoy unlimited switching
fee waivers of loaded units and 1%-load units which are made after 90 days
(from the date of purchase)*
· Mutual
Gold, Mutual Gold Elite and Mutual Platinum members enjoy unlimited free switching entitlements via PMO for
switching requests which are made after 90 days (from the date of purchase)*
*Subject to Terms and Conditions.
Switching of units will be subject to charges below:-
|
Switching Into |
From |
Sales/Switching
Charges |
|
Equity/Mixed Asset/ Balanced Funds |
Zero-load units |
Sales Charge of up to 5% |
|
Low-load units |
Sales Charge of up to 4.75% |
|
|
0.65%-load units |
Sales Charge of up to 3.10% |
|
|
1%-load units |
Sales Charge of up to 4% |
|
|
Partial-load units |
Up to 0.50%* |
|
|
Loaded units from Equity/Mixed
Asset/Balanced funds within 90 days^ |
Up to 0.75%* |
|
|
Loaded units from Bond/Fixed Income
funds within 90 days^ |
Up to 0.25%* |
|
|
Other loaded units |
Up to RM50 per transaction |
|
|
Bond/Fixed Income Funds |
Zero-load units |
Sales Charge of up to 1% |
|
Low-load units |
Sales Charge of up to 0.75% |
|
|
Partial-load units |
Up to 0.50%* |
|
|
0.65%-load, 1%-load & loaded units from
Bond/Fixed Income funds within 90 days^ |
Up to 0.25%* |
|
|
Loaded units from Equity/Mixed
Asset/Balanced funds within 90 days^ |
Up to 0.75%* |
|
|
Other 0.65%-load, 1%-load and loaded units |
Up to RM50 per transaction |
|
|
Money Market Funds |
Loaded units from Equity/Mixed
Asset/Balanced funds within 90 days^ |
Up to 0.75%* |
|
Partial-load units from Equity/Mixed
Asset/Balanced funds within 90 days^ |
Up to 0.50%* |
|
|
Bond/Fixed Income funds within 90
days^ |
Up to 0.25%* |
|
|
Money Market funds within 90 days^ |
Nil |
|
|
All funds after 90 days^ |
Nil |
(Should there be any
discrepancies between the above charges and the prevailing Prospectus of the
funds at the time of submission of the online switching request, the Prospectus
will take precedence.)
* subject to a minimum charge of RM50 per
transaction (or minimum RM1 per transaction for e-Series)
^ from the date of investment into the switch-out
fund
There will be no switching charges imposed for
switching of units under the EPF scheme and switching from money market funds
made within and after 90 days.
The switching charge imposed is deducted from the redemption proceeds and the net proceeds will be processed into the ‘switch to’ account based on the NAV per unit at the close of the business day on which the valid switching request is received by Public Mutual.
- For accounts with units of multiple load types, the highest load units (e.g. loaded units) will be switched out first, followed by the lower load units (e.g. 1%-load units).
- Switching requests for foreign funds received by Public Mutual during non-business days of the funds will be processed based on the NAV per unit at the close of the next business day when both the 'switch out' and 'switch to' funds are opened for trading.
- To switch to a new or existing account, the switch-out proceeds must meet the minimum initial or additional investment amount required for the fund that is intended to be switched in to.
- For partial switching, please leave the minimum balance of units required to maintain your account. In the event any request for partial switching results in the unitholder holding less than the minimum balance of units required, Public Mutual shall have the right to fully switch all the units held by the unitholder.
- Upon making a full switching request, please advise the bank to terminate your Direct Debit Authorisation (DDA) (if any) if you do not wish to continue your DDA. Any DDA payment received by Public Mutual after your full switching may be processed into your accounts. To withdraw the amount, you are required to submit a Redemption Form.
Transaction requests such as investment, redemption, and switching made before 4:00 pm on any business day will be processed based on the price determined for the same business day; whilst transaction requests made after 4:00 pm will be processed based on the price determined for the next business day.
Any transaction requests made on a non-business day will be treated as requests made on the following business day.
A successfully completed switching request cannot be cancelled.