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179Chairman’s Review – Business Operations ReviewWealth ManagementFund ManagementAt a GlancePUBLIC MUTUAL BERHAD2012RM’Million2011RM’MillionGrowth%Operating revenue* 669.4 616.7 8.5Profit before tax 372.2 321.9 15.6Total assets 751.4 637.9 17.8Shareholders’ funds 125.3 117.2 6.9* After offsetting direct sales commission and including interest income of RM12.5 million received and receivable from the Public Bank Group (RM10.7 millionin 2011).Net Asset ValueUnits in CirculationRM’Billion Percentage (%)6060505042.5 43.5 43.340.84039.04018.4 22.915.83013.830Billion120100806082.197.4 99.7106.9115.7208.820401014.621.824.826.431.6102002008 2009 2010 201120120Year020082009 2010 2011 2012YearNAV - IslamicNAV - ConventionalMarket Share - OverallNumber of Funds100807267608491100Number of Account HoldersMillion3.02.52.32.42.12.01.52.72.8401.0200.5002008 2009 2010 2011 2012 Year2008 2009 2010 2011 2012Year
180PUBLIC BANK BERHAD Annual Report 2012Resilient AlwaysChairman’s Review – Business Operations ReviewWealth ManagementOverviewConcerns over the slowing pace of the United States ofAmerica (“US”) economy coupled with the Eurozone sovereigndebt issue dampened sentiment in global financial marketsfor the first half of 2012. However, equity markets reboundedin the second half of 2012 following measures announced bythe European Central Bank and the US Federal Reserve tospur growth in their respective economies. The FTSE BursaMalaysia Kuala Lumpur Composite Index (“FBM KLCI”)registered a gain of 10.3% in 2012 on the back of sustaineddomestic economic activities and an accommodative interestrate environment. Selected regional markets also registeredcommendable gains in 2012.Performance ReviewPublic Mutual Berhad (“Public Mutual”), the No. 1 privateunit trust company in Malaysia and a wholly-owned subsidiaryof Public Bank, recorded a 15.6% increase in profit beforetax from RM321.9 million in 2011 to RM372.2 million in2012. Public Mutual’s total operating revenue grew by 8.5%from RM616.7 million in 2011 to RM669.4 million in 2012.Despite the challenging global market conditions, the totalassets under management (“AUM”) of the Malaysian privateunit trust industry registered a growth rate of 32.3% in 2012as compared to 8.2% in 2011. The AUM of Public Mutualincreased by 22.0% from RM44.75 billion as at the end of2011 to RM54.58 billion as at the end of 2012.Public Mutual achieved an overall market share of 40.8% asat the end of 2012 and retained its position of market leaderin the private unit trust industry. Public Mutual continued todominate the key unit trust fund sectors of equity assets,Islamic assets and foreign assets with market share of60.1%, 53.2% and 39.1% respectively and also maintainedits leading position for bond assets with a market share of37.6%.In terms of fund performance, conventional domestic equityfunds managed by Public Mutual registered returns of up to14.5% for 2012. The domestic Shariah compliant equityfunds managed by Public Mutual registered returns of up to16.7% in 2012 while the benchmark FTSE Bursa MalaysiaEMAS Shariah Index rose by 11.9% over the same period.Despite challenging market conditions, selected regionalfunds focusing on the ASEAN markets achieved returns ofup to 21.2% for 2012.Amid concerns over the slower pace of global economicgrowth, the domestic bond market held up well in 2012,with sustained demand for Ringgit-denominated bonds.Public Mutual’s bond funds registered returns of up to 6.1%in 2012.
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