The Bank of Ayudhya unit hopes to increase the amount of assets it manages to Bt50 billion by the end of the year from the current Bt33 billion. It hopes to do so by expanding its customer base to medium and small outfits with assistance from its parent and the bank's affiliates, according to Chatrapee Tantixalerm, managing director and chairman of the company's executive committee.

In the middle of last year AJF hit the headlines after newspapers reported that two of its fixed-income funds were involved in the troubled Picnic Corporation's bills of exchange. The cooking gas distributor failed to make timely repayments on its B/Es, which affected six asset management companies, including AJF.

It took months until the asset management companies eventually received full payment from Picnic. Suchart Techaposai, then AJF chief investment officer, resigned to take responsibility.

In December, then managing director Reungvit Nandhabiwat resigned after nine years of service with AJF. The company assigned Chatrapee, chief executive of Ayudhya Securities, to replace him.

AJF early this year attracted Nasu Chunsom, a promising investment director from Aberdeen Asset Management, to take the post of deputy managing director of equity investments.

Nasu over the past few years turned in a remarkable investment performance as part of Aberdeen's equity team.

Bank of Ayudhya and JP Morgan Asset Management (Asia) each hold a 38.3-per-cent stake in AJF. Ayudhya Securities owns 10 per cent, while Ayudhya Allianz CP Life and Ayudhya Insurance each hold 6.7 per cent.

Piyarat Setthasiriphaiboon

The Nation