SINGAPORE (July 8): Eastspring Investments has raised US$417 million ($567 million) for its new fixed maturity product (FMP) which comes with an early termination feature.

FMP is a debt product which is often offered to first-time investors looking for an alternative to fixed deposits.

Following the launch of successful FMPs in Taiwan and Malaysia, Eastspring has expanded its current range of products to include them and secured exclusive distribution in the private banking sector through Standard Chartered Private Bank in Singapore, Hong Kong, United Kingdom and the Middle East.

Xavier Meyer, head of distribution at Eastspring, says, “Heightened market volatility drives demand for steady income and certainty in investment outcome. FMPs continue to be in strong demand by investors. In the development of this unique FMP, we recognise the need to provide a differentiated offering with wide appeal.”

The offer period for the FMP has closed.

“The success of this product demonstrates Eastspring’s ability to partner with a leading financial institution to deliver a strong investment solution,” adds Meyer.

Eastspring is the US$193 billion Asian investment management arm of international financial services group Prudential plc. The unit is one of the region’s largest fixed income managers with more than US$42 billion invested in the asset class.