Malaysia has a well-established fund management industry that caters for institutional investors, qualified and retail investors. With 80 fund managers, as of December 2019, Malaysia had 201 authorised wholesale funds and 694 unit trusts (of which 34% were Islamic) for retail investors. Islamic Fund management makes up 22% of total NAV. In terms of funds managed onshore the breakdown of investment focus is 49% in equity, 22% fixed income and 29% in others like money markets unit trusts and private equity. Sources of assets under management include unit trusts, corporate bodies, private funds and charitable organisations.