Managing director Wiwan Tharahirunchote said yesterday that although her firm managed more than 70 funds, it was still looking forward to launching more products, especially those it had never handled before.

"We have a wide range of customers. Our job is to provide every type of product that suits our customers' needs," Wiwan said.

KAsset manages 76 mutual funds - the most in the industry - with assets of Bt164.38 billion, accounting for a 17.92-per-cent market share.

In May, it launched its first automatic redemption equity fund, rewarding investors every time its performance reaches a promised level.

In August, it launched its first foreign equity investment fund.

With the many different types of funds available in the industry, KAsset's portfolio lacks only a structure-note-linked fund and a property fund.

Wiwan, who is personally interested in property investment, hopes that KAsset will launch its first property fund later this year.

"I personally believe that property funds are very good for ageing people, who will receive no money after retirement.

"This type of fund will help them generate regular income from rental fees," she said.

Before joining KAsset, Wiwan helped created several property funds for One Asset Management.

KAsset is now negotiating with property owners. In April, Siam Commercial Bank's executive chairman Wichit Surapongchai said SCB Asset Management aimed to surge ahead to become the industry's biggest player next year.

Wiwan accepts that holding on to the leading position will be a tough job.

"An already competitive environment becomes even more heated when more players join the industry.

"To stay at the top, we can do nothing more than try our best," she said.

SCB Asset Management is breathing down KAsset's neck in second place, with assets worth Bt130.31 billion under management, or a 14.2-per-cent market share.

Tisco Asset Management is also closing the gap in the private fund management portfolio.

In this category, it follows KAsset in second place with assets worth Bt22.55 billion under management, accounting for 17.25 per cent of the private fund market.

At the end of July, KAsset's private fund was worth Bt29.07 billion, representing 22.23 per cent of the market.

Following a serious fee war in the provident fund business, Wiwan said her company must in future walk away from deals that don't generate profit.

The fee war has now spread into the mutual fund business, but no matter how severe the competition becomes, KAsset will not trade quality for market share, even if sticking with quality means losing some market share and maybe falling from the industry's top spot, Wiwan said.

"If we have to choose between quality and market share, then we have to choose quality," she said.

Piyarat Setthasiriphaiboon

The Nation