The Psychographic and Demographic Segmentation of Malaysian Population in Expenditure and Investment Pattern

MRTeam (UTM) was appointed by the Yayasan Tun Ismail Mohamed Ali Berdaftar Permodalan Nasional Berhad (PNB) on September 7, 2007 to conduct a study on The Psychographic and Demographic Segmentation of Malaysian Population in Expenditure and Investment Pattern.

The study was carried out nationwide and took 18 months from the inception until the delivery of the final report (December 2008).

The result of the study will be able to contribute to the understanding of the Malaysian attitude, interest, and opinion regarding investment products and more importantly reveal the newly developed segments for expenditure and investment pattern.
1.0 Introduction

To generate the psychographics dimensions and demographic impact of Malaysian population

To develop a typology of Malaysian population based on their expenditure and investment pattern
2.0 Main Objectives

3.0 Research Approach

3.1 Survey Research Tool
1. The survey Questionnaire (refer to Appendix A) consists of 77 items includes the following: Psychographics (35 items): based on AIO (attitude, interest and opinion) measurement that were tailored to financial environment.

Demographic (12 items): Profile of the respondents.

Behaviouristic (30 items): Investment pattern of the respondents.

2. The team conducted a pilot study to test the validity of the items.

3. PNB endorsed the questionnaire on 21 September 2007.

3.2 Population and Sampling Technique
The population of the study comprises of Malaysian citizen. Samples were drawn from all states of Malaysia.The sampling method employed were mall-intercept and omnibus survey. Convenience sampling technique was utilized in selecting respondents for the study. However, quota sampling were observed to ensure that the sample were evenly distributed. The sample size of the study was 1700, however only 89 % (1520) of the questionnaires were usable.

3.3 Conducting Survey & Interviews
The research instrument was applied between early February to April 2008.

The locations of the survey were chosen (refer to Appendix B) based on the availability of volunteer respondent and ability to being able to accommodate surveyors without impinging on the respondents private time.

3.3 Conducting Survey & Interviews (cont.)
Interviewers

The self completed surveys were distributed by the interviewers. A group of trained marketing under graduate students from UTM were employed to carry out the interviews. An induction program was provided which included: training in the administration of the surveys; data gathering; etiquette for approaching potential respondents; and etiquette when working within crowded commercial environments such as mall, hospital, banks, recreational park and other public areas.

3.4 Limitations
As with most research, this study was subject to some limitations. Due to budgetary constraints, random and representative face to face sampling of the entire population of Malaysia was not possible to be utilized for the survey. Rather, convenience sampling was conducted along with a self completed survey. Further research would be required to determine whether this sample was representative of visitation to the region over the entire year.

3.5 Data Analyses
The tool used for analyses was SPSS (version 12) licensed to UTM. For Descriptive Analyses; mean, t-test & Anova were exploited to compare mean, standard deviation and variances between groups of respondents (Investors and non-investors).For Multivariate Analyses; Factor Analysis was exploited to generate segments of consumer according to their psychographic dimensions.Data were tested on its reliability by utilizing the Cronbach Alpha test, whilst validity was tested using Factor Analysis & KMO Bartlett tests.

Data of the study is attached: Refer to Appendix C

3.6 Reliability & Validity
Reliability of psychographic variables:Overall Cronbach Alpha score (0.8365)

Validity of Psychographic VariablesKMO Bartlett score (0.876)Explain Variance (0.577)

4.0 AIO Worldwide
Psychographics research focuses on individual activities known as Attitude, interest and opinions (AIO).

This model is the most widely used approach to lifestyle measurement in many researches. The model has been tested worldwide and been endorsed as reliable model to be utilized in establishing the market segments.

Attempts to measure the quantitative dimensions of lifestyle were initially referred to as psychographics. (research on the application of AIO in segmentation studies is presented in Table 1).

Evidences of the adoption of AIO in industries world-wide are presented in the Table 2.

Table 1: Research on the Application of AIO in segmentation studies

Author (s)VariablesLocation Of StudyMain FindingsKucukemiroglu (1999)General AIO Population in Istanbul, TurkeyIdentified eight lifestyle dimensions with ethnocentrismGonzales and Bello (2002)Specific AIO, leisured activitiesResidents in one provincial capital in SpainSegmentation of long and short trips in tourist marketOrth, McDaniel, Shellhammer and Lopetcharat (2004)Specific AIO, benefits, brand preferenceAdults in Pacific Northwest of the USAThe relationship between consumer brand preference, brand benefits and lifestyle.Divine and Lepisto (2005)AIO and healthy lifestylesNationwide mail survey, USAMain indicators of healthy lifestyles are fruit and vegetable consumptionFraj and Martinez (2006)General AIO and ecological behaviourResidents from the city of Zaragoza, SpainIndividuals who have environmental respect are willing to purchase ecological productsReisenwitz and Iyer (2007)General AIOA regional sample, USAIdentified similarities and differences between two major age groups of baby boomers generational cohort

Table 2: Application Of AIO in Industries Across the World

Table 2: Application Of AIO in Industries Across the World

Table 2: Application Of AIO in Industries Across the World

Table 2: Application Of AIO in Industries Across the World

4.1 Application of AIO Worldwide: The Conclusion
Lifestyle patterns provide a broader, more three dimensional view of consumers that marketers and businessmen should not ignore.

The success of a marketing model inherently lies in the researchers ability to identify variables that can really distinguish peoples performance in the marketplace. Bojanic (2007)1 listed a few criteria that are normally used to evaluate the effectiveness of the market segmentation strategies such as substitutability, measurability, accessibility and actionability. Once the segmentation strategy satisfies these four criteria, the next step is to choose the segmentation variables that would work best at segmenting the market.

1 Bojanic, D.C., 2007, Customer profile of the carryout segment for restaurants, International Journal of Contemporary Hospitality Management, Vol.19 No.1, pp. 21-31

Cont.
Prominent findings from the psychographic and lifestyle research worldwideindicate that psychographic segmentation is able to provide the essentialinformation that financial institutions are seeking, i.e. :Who are the likely to be the profitable customers Where they could be found? The rationale of employing both, the demographic and psychographic dimensions isthat the segmentation strategy would be more holistic and provide greater understanding of consumers profile and behavior.

5.0 Scope of the Study
Cross Sectional Study in nature.

Consumer sentiment may vary over time due to the dynamic change in the world and local economic environment. Consumer Price Index is assumed to remain constant and not affect the outcome of the study.

Reluctance of the respondents to produce honest response on certain particular variable related to monetary figures.

The findings should not be deemed as the conclusive outcome of the overall Malaysian population attributes.

This research only focus on the development of Psychographic Segmentation in Malaysia and will not address any specific strategic implications on the part of the client.

6.0 Main Findings
The findings show that there is a strong dependency relationship between customers behaviours and lifestyle (on an AIO approach) is also evident in the Malaysian context.

Demographic segmentation seems to be less significant as the trend of the characteristics appear similar between investor and non-investor groups, and between investment zone (high, moderate and lower prospect of investment).

Behavioristic segmentation indicates some differences in the and conduct, nevertheless some actions are parallel.

The labels Pioneering Innovator, Cognizant Contemporary, Assertive Leader, Self-reliant Advocate, Conformist Excitement Hunter, Gizmo Eager, Civilized Persona and Solo Sustainer provide a general idea of lifestyle dimensions of each segment.

6.1 Application of AIO in Malaysia

6.2 Demographic Segmentation
Investors Vs Non Investors

ProfileInvestors (%)Non Investors (%)Age31-45 : 25.1 18-30 : 15.9 GenderMale : 33.4 Female : 29.7 Male : 19.0 Female : 17.9 LocalityRural : 50.7 Urban : 49.3 Rural : 53.9Urban : 46.1Marital StatusMarried : 44.0 Single : 16.7 S Parent : 2.4 Married : 21.5 Single : 13.6 S Parent : 1.7

Demographic Segmentation (cont.)
Investors Vs Non Investors

ProfileInvestors (%)Non Investors (%)OffspringNone: 20 1-3 Children : 25.64-6 Children : 15.1> 6 Children : 2.4None : 16.1 1-3 Children : 11.3 4-6 Children : 7.4 > 6 Children : 2.1EthnicityMalay : 38.6Chinese : 14.6Indian : 6.2Others : 3.8Malay : 19.1Chinese : 9.4Indian : 4.8Others : 3.5EmploymentGovt. : 20.0Private : 21.4Own Business : 14.5Pensioner : 2.8Home maker : 4.6Govt. : 9.1Private : 14.0Own Business : 9.1Pensioner : 1.4Home maker : 3.2

Demographic Segmentation (cont.)

ProfileInvestors (%)Non Investors (%)ProfessionManagerial : 27.9Technical : 13.2General Worker : 10.4Pensioner : 2.9Home maker : 4.5Others : 4.2Managerial : 12.3Technical : 8.7General Worker : 7.8Pensioner : 1.5Home maker : 3.3Others : 3.3Academic AchievementGraduate : 34.0Non Graduate : 28.7Graduate : 14.9Non Graduate : 22.4Current Household Investment< RM 5 K : 38.0> 5K 10 K : 25.0> 10 K 50 K : 22.3> 50 K 100 K : 6.9> 100 K : 5.2

* 2.6 % unanswered Q

N/A

6.3 Behavioral Profile

InvestorsNon InvestorsCross occasions investorsOccasional investors

Track investment issuesNot interested in any investment issuesConsult third party investment advisorsNo actionsMake special effort to investModerate effort in making investmentMake moderate effort in acquiring investment knowledge

Behavioral Profile (cont.)

InvestorsNon InvestorsAspire towards enduring returnEager towards short term gain Make multiple transactionsMix behaviors in transactionFavor to invest in governments link investment armNo specific preferencesNo interest in investment publications

Observe investment matters in daily news paperMix actions

6.4 Current Investment by Zone & State

High Zone(Zone 1)Moderate Zone(Zone 2)Low Zone(Zone 3)JohorSarawakMelakaPerakPenangTerengganuKedahPutra Jaya / Kuala LumpurPahangKelantanSabahLabuanPerlisSelangorNegeri Sembilan

6.5 Zoning by Prospect & State

High Prospect> RM 10 KModerate ProspectRM 5 K 10 KLow Prospect< RM 5 KJohor Negeri SembilanMelakaSelangorPenangTerengganuPerakPutra Jaya / Kuala LumpurPahangKedahLabuanKelantanPerlisSabahSarawak

6.6 Zone Profile

High ProspectModerate ProspectLow ProspectLocalityMix (Urban & Rural)UrbanMix(Urban & Rural)Age< 45Cross age group< 45 GenderMixMale dominantFemale dominantMarital statusMarried & Single ParentsMarriedMarriedOffspringMix0 6 children< 3< 3Ethnicity MixMalay & ChineseMalay dominantEmploymentMixMajority PrivateMajority PrivateProfessionMixManagerial & TechnicalManagerial & General WorkersAcademic AchievementGraduateMixSchool leavers

Zone Profile (cont.)

* Beside other portfolio investment, Investors are investing in other unit trust based investment.

High ProspectModerate ProspectLow ProspectProfessionMixManagerial & TechnicalManagerial & General WorkersAcademic AchievementGraduateMixSchool leavers* Other Portfolio Commitment Fixed Deposit & Savings Insurance Shares Property Fixed Deposit & Savings Fixed Deposit & Savings

6.7 Unit Trust Market: Competitive Scenario
Malaysian Unit Trust investors are also investing in other unit trust investment that are provided by private and government service providers. The market of unit trust is currently shared by other 33 providers (refer to Appendix D) with ranges of offering prices. This group of service providers is regarded as direct competitors. In term of price offers, 17 providers offer several portfolio at the price of above RM1.00. Nevertheless, most service providers are offering lower than RM 1.00, therefore the price is considered as competitive.

Besides direct competitors, market is also served by several other types of investment service providers, such as investment-linked fund (refer to Appendix E)

6.8 The Findings: Malaysian Psychographics Segmentation

6.8.1 Pioneering Innovator
Traits & Features
Typology
Mostly live in Zone 1 Age: < 45 Single & Married with 1 3 Kids Majority Malay Work mostly with private companies Mostly hold managerial postGraduatesEarn < RM 40K annually Current investment < RM 10 KIntend to invest RM 10K - 50 K in futureOther investment commitment: FD & SavingsHealth consciousBalanced Life (work & family)Seek advice over investment mattersPrefer GLC investment products

Love challenges

Adventurous

Thrill seekers

Willing to learn new things

Fond of outrageous things and people

6.8.2 Cognizant Contemporary
Traits and Features
Typology
Fashionable

Trendy

Up to date

Mostly live in Zone 1Age < 45Mostly MaleMostly Married with < 3 KidsMajority MalayWork mostly with government & private Mostly hold managerial & technical postSchool leaver & GraduatesEarn < RM 40K annually Current investment < RM 10KIntend to invest < RM 10 K - 50K in futureOther investment commitment: FD & Savings & InsuranceHealth consciousPrefer GLC investment productsFollow investment column

6.8.3 Assertive Leader
Traits & Features
Typology
Like being in-charge

Like to lead others

Believe have more ability than most people

Self proclaim intellectual
Mostly live in Zone 1 & Zone 2Age 31 45 Mostly Male Mostly Married with < 3 Kids Majority Malay Work mostly with government & private Mostly hold managerial & technical postSchool leaver & GraduatesEarn < RM 40K annually Current investment < RM 10KIntend to invest < RM 10 K - 50K in futureOther investment commitment: FD & Savings & InsuranceHealth consciousPrefer GLC investment productsFollow investment column

6.8.4 Self-reliant Advocate
Traits & Features
Typology
Prefer making thing than buying

Creative

D I Y attitude
Mostly live in Zone 1, Age < 45, Mostly Male Mostly Married with < 3 Kids, Majority Malay Work mostly with government & private Mostly hold managerial & technical postSchool leaver & GraduatesEarn < RM 40K annually Current investment < RM 10KIntend to invest < 50K in futureOther investment commitment: FD & Savings & InsuranceHealth consciousBalanced Life (work & family)Seek advice over investment mattersPrefer GLC investment productsFollow investment column

6.8.5 Conformist
Traits & Features
Typology
Conservative

Hold certain traditional and religious values

Concern on social environment
Mostly live in Zone 1 & Zone 2Age < 45Mostly Male Mostly Married with < 3 Kids Majority MalayWork: Government, private & own business, as well as home makers. School leaver & GraduatesEarn < RM 40K annually Current investment < RM 10KIntend to invest < RM 10 K - 50K in futureOther investment commitment: FD & Savings & Insurance, share and propertyPrefer GLC investment productsFollow investment columnSwitch product for better long term gain

6.8.6 Excitement Hunter
Traits & Features
Typology
Crave exhilarating experience

Joyful

Pleasure-seeking

Vacationer

Enjoy hedonistic lifestyle

Mostly live in Zone 1 & Zone 2, Age < 55Mostly Male, female group is increasingMostly Married with < 3 Kids, segment Kids 4 6 is increasing Majority Malay Work mostly with government & private Mostly hold managerial & technical postSchool leaver & GraduatesEarn < RM 40K annually KProspect: Income level > 60 K annuallyCurrent investment < RM 10KIntend to invest < RM 10 K - 50K in futureOther investment commitment: FD & Savings & Insurance, PropertyHealth consciousPrefer GLC investment productsFollow investment column

6.8.7 Gizmo Eager
Traits & Features
Typology
Enjoy tools and equipment

Like hardware and automotive gadgets

Like to work on metal and woods

Mostly live in Zone 1 & Zone 2, Age < 45Both genders, Single & Married with < 6 Kids Majority Malay & Chinese Work mostly with government , private & own business Mostly hold managerial, technical & general worker post School leaver & GraduatesEarn < RM 40K annually KCurrent investment : Nil to < RM 50K Intend to invest < RM 50 K in futureOther investment commitment: FD & Savings, Insurance & PropertyHealth consciousBalanced life (work & family) Prefer GLC investment productsFollow investment column

6.8.8 Civilized Persona
Traits & Features
Typology
Appreciate art and culture

Love knowledge

Deep person

Enjoy colorful life

The thinker
Mostly live in Zone 1 & Zone 2, Age < 45Both genders, Single & Married with < 3 Kids Majority Malay & Chinese Work mostly with private & own business Mostly hold managerial & technical postSchool leaver & GraduatesEarn < RM 40K annually KProspect: Income level > 60 K annuallyCurrent investment : Nil to < RM 10K Intend to invest < RM 10 K in futureOther investment commitment: FD & Savings & InsuranceHealth consciousPrefer GLC investment productsFollow investment column

6.8.9 Solo Sustainer
Traits & Features
Typology
Limited life pursuit

Restricted interest

Risk averse

Resist changes
Mostly live in Zone 1 & Zone 2Age < 45, age group > 56 is catching upBoth genders Single & Married with < 3 Kids, family with 6 kids is catching up.Majority Malay & ChineseWork mostly with private & own businessMostly hold managerial & technical postSchool leaver Cross income groupsCurrent investment : cross investment group Intend to invest < RM 10 K in futureOther investment commitment: FD & Savings & InsurancePrefer GLC investment products

* ** T-test significant at 0.5 and 1.0 df : Target Segment to be avoided or redesign the strategy
6.9 Psychographics Segmentation: Key Values

Psychographic SegmentsInvestors (mean)Non Investors (mean)1. Pioneering Innovator1.511.502. Cognizant Contemporary1.511.473. Assertive Leader1.531.464. Self-reliant Advocate1.48 1.59 **5. Conformist1.54 *1.516. Excitement Hunter1.511.527. Gizmo Eager1.491.498. Civilized Persona1.501.519. Solo Sustainer1.48 1.55 **

6.10 Target Segment
Prime TargetCONFORMISTSecondary TargetThe rest 6 segments

Avoid or Innovate the product SOLO SUSTAINER & SELF RELIANT ADVOCATE

6.11 Where to Market

Psychographic SegmentsZone to Target2. Cognizant ContemporaryWhole country3. Assertive LeaderWhole country

5. ConformistZone 1 & Zone 27. Gizmo EagerZone 1 & Zone 38. Civilized PersonaZone 1 & Zone 2

CIVILIZED PERSONA
ASSERTIVE LEADER
COGNIZANT CONTEMPORARY

CONFORMIST
GIZMO EAGER
GIZMO EAGER
High Prospect Investors
Low Prospect Investors
Moderate Prospect Investors
High
Low
INVESTMENT

COMMITMENT
6.11 The Position of Malaysian Psychographics SegmentsOn Unit Trust Product Based on Market Prospect

INTELLECTUAL

FULFILLS

CONSERVATIVES

ACTIONS
ASSERTIVE LEADER
COGNIZANT CONTEMPORARY
SELF RELIANT ADVOCATE
GIZMO EAGER
CONFORMIST
CIVILIZED PERSONA
SOLO SUSTAINER
PIONEERING INNOVATOR
EXCITEMENT HUNTER
6.12 The Shared Value Among Existing Consumer Psychographics Segment

7.0 Managerial Implications
Market segmentation as a means of establishing the right positioning for the product and enhance the brands real value and equity.

On the tactical level, psychographic variables can be applied to the design of the marketing communications tools. It will be able to provide an input to improved media selection or better advertising copy treatment.

Malaysian Unit Trust market is still not reaching maturity stage. It showed by the homogeneity characteristics of all the segments identified.

Managerial Implications (cont.)
Psychographic provides depth in understanding of consumer market.

- to develop a more effective segmentation strategy, a psychographic based segmentation should be applied. - while demographic is necessary for effectively targeting the consumer, psychographic is indispensable for understanding the consumer. Hence the psychographic variable should be used as the main basis for segmenting the market and supported by the demographic variables.

References
Bone, P. F, 1991. Identifying mature segments, The Journal of Service Marketing, Vol. 5(Winter), pp.47-60.

Bojanic, D.C., 2007, Customer profile of the carryout segment for restaurants, International Journal of Contemporary Hospitality Management, Vol.19 No.1, pp. 21-31

Chin, F. L, 2002. Segmenting customer brand preference: demographic or psychographic, Journal of Product & Brand Management, Vol.11 No.4, pp. 249-268.

Engel, J.F.; Blackwell, R.D. and Miniard, P.W. 1996, Customer Behaviour, 7th ed., The Dryden Press, Hinsdale, IL.

Divine, R. L. and Lepisto, L., 2005. Analysis of the healthy lifestyle consumer, Journal of Consumer Marketing, Vol. 22 No. 5, pp. 275-283.

Fraj, E. and Martinez, E., 2006. Environmental values and lifestyles as determining factors of ecological consumer behaviour: an empirical analysis, Journal of Consumer Marketing, Vol. 23 No.3, pp. 133-144.

Gonzalez, A.N. and Bello, L.,2002. The construct lifestyle in market segmentation:The behaviour of tourist consumers, European Journal of Marketing, Vol. 36 No.1/2, pp.51-85.

References
Kesic, T. and Piri-Rajh, S., 2003. Market segmentation on the basis of food-related lifestyles of Croatian families, British Food Journal, Vol.105 No.3, pp.162-174.

Kotler, P. and Armstrong, G., 2007. Principles of Marketing, 11th ed., Prentice Hall International, Englewood Cliffs, NJ.

Kucukemiroglu, O.,1999. Market segmentation by using consumer lifestyle dimensions and ethnocentrism: An empirical study, European Journal of Marketing, Vol. 33 No. 5/6, pp.470-487.

Minhas, R.S. and Jacobs, E. M.,1996. Benefit segmentation by factor analysis: an improved method of targeting customers for financial services, International Journal of Bank Marketing, Vol. 14 No.3, pp.3-13.

Oates, B; Shufeldt, L. and Vaught, B.,1996. A psychographic study of the elderly and retail store attributes, Journal of Consumer Marketing, Vol. 13 No.6, pp.14-27.

Orth, U. R.; McDaniel, M.; Shellhammer, T. and Lopetcharat, K, 2004. Promoting brand benefits: the role of consumer psychographics and lifestyle, Journal of Consumer Marketing, Vol.21, No.3, pp.97-108.

Quinn, L; Hines, T. and Bennison, D., 2007. Making sense of market segmentation: a fashion retailing case, European Journal of Marketing, Vol. 41 No.5/6, pp.439-465.

References
Reisenwitz, T. and Iyer, R.,2007. A comparison of younger and older baby boomers: investigating the viability of cohort segmentation, Journal of Consumer Marketing, Vol. 24 No.4, pp. 202-213.

Segal, M.N. and Giacobbe, R. W., 1994. Market Segmentation and competitive analysis for supermarket retailing, International Journal of Retail & Distribution Management, Vol.22 No.1, pp. 38-48.

Solomon, M.R.; Marshall, G.W. and Stuart, E. W., 2008. Marketing: real people, real choices, 5th ed., Prentice Hall International, Englewood Cliffs, NJ.

SRI Consulting 1997. Investor Styles: A Psychographic Segmentation, Consumer Financial Decisions, pp. 1-3.

Tam, J.L.M. and Tai, S.H.C., 1998. The psychographic segmentation of the female market in Greater China, International Marketing Review, Vol.15 No.1, pp.61-77.

Todd, S.; Lawson, R. and Faris, F.,1997. A Lifestyle Analysis of New Zealand Consumers, Asia Pacific Journal of Marketing and Logistics, pp.30-47.

Wall, G. and Mitchell, V., 2005. Demographic characteristics of consumers who find it difficult to decide, Marketing Intelligence & Planning, Vol. 23 No.3, pp.281-295.

Appendix B

Appendix D
List of Unit Trusts Brands

UTM dan Yayasan Tun Ismail Berdaftar

List of Unit Trusts Brands (cont.)

BrandNumber of Products> RM1.00 per unitAreca62 (0.41-1.02)Alliance141 (0.23-1.00)AMmutual4212 (0.20-1.17)AMassurancelink100 (0.30-0.62)Amanahraya42 (0.46-1.00)BIMB unit trust40 (0.21-0.51)

List of Unit Trusts Brands (cont.)

BrandNumber of Products> RM1.00 per unitCIMB wealth255 (0.35-1.10)CRM trust90 (0.36-0.60)CIMB asset385 (0.20-1.13)HLG unit trust350 (0.10-0.70)HwangDBS226 (0.22-1.10)Inter-pasific30 (0.19-0.50)

List of Unit Trusts Brands (cont.)

BrandNumber of Products> RM1.00 per unitING Funds144 (0.25-1.06)ING oneanswer90 (0.37-0.60)Kenanga22 (1.00-1.44)KSC capital21 (0.96-1.04)KAF32 (0.95-1.06)Amanah Mutual180 (0.26-0.99)

List of Unit Trusts Brands (cont.)

BrandNumber of Products> RM1.00 per unitMAAKL233 (0.13-1.06)OSK-UOB365 (0.23-1.20)Public Mutual6712 (0.13-1.02)PHEIM52 (0.55-1.08)Pasific Mutual180 (0.34-0.51)Philip Mutual30 (0.28-0.50)

List of Unit Trusts Brands (cont.)

BrandNumber of Products> RM1.00 per unitPrudential Fund385 (0.15-1.05)RHB investment276 (0.26-1.11)TA investment150 (0.26-0.53)

Investment-Linked Funds
1. Allianz life 2. AIA/AIA Takaful 3. TM Asia 4. AXA Affin 5. CIMB Aviva/Takaful 6. Great Eastern Ass. 7. Hong Leong Ass. 8. HSBC Amanah 9. HLTMT10. ING Insurance

11. Takaful Ikhlas12. Manulife13. MAA/MAA International/ MAAIA/Takaful14. Mayban Life15. ETIQA/Takaful16. MCIS Zurich17. Prudential Assurance/ P-BSN Takaful18. Takaful Malaysia19. UNI ASIA life Insurance
Appendix E

Assoc. Prof. Dr. Hj. Rohaizat Baharun (Leader)Assoc. Prof. Dr. Abu Bakar Abdul HamidAhmad Sharifuddin ShamsuddinNorzaidahwati ZaidinNorzafir Md. SallehZuraidah Sulaiman (Currently attached to the Sydney University of Technology)

The Team
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