TMB seeks move of Gold Fund stakes
TMB Asset Management will seek approval from the Securities and Exchange Commission to revise its prospectus, providing an opportunity for the firm to shift its Gold Fund investments from the New York Stock Exchange to the Singapore Stock Exchange.
TMB's Gold Fund invests exclusively in unit trusts of StreetTracks Gold Trust, which currently trades on the New York Stock Exchange but will debut on Singapore's exchange tomorrow and be called StreetTracks Gold Shares. Kampol Jantavibool, assistant to the director of TMB's Investment Department, said the company would need about three months to consider whether to shift its investment from New York to Singapore. "The most important thing is the trading liquidity of StreetTracks Gold Shares. We need to see trading value of at least Bt2 billion a day, as the size of our Gold Fund is Bt1 billion," he said. Trading in New York has a drawback. The daily marking of the net asset value of the Gold Fund is delayed by the time difference between Thailand and New York. If TMB's Gold Fund shifts its investment to Singapore, the fund's net asset value would be marked at the end of each day like other funds.
Piyarat Setthasiriphaiboon The Nation
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