New management team at Globlex
Globlex Securities this week appointed a new management team as part of its effort to prepare for the liberalisation of the securities industry over the next five years.
Saravut Busayarat said the board of directors on Monday appointed him director and CEO of the firm. The board also appointed Pitsanu Vichitcholchai senior managing director for marketing and Piangdao Wattanayakorn managing director for research and risk management.The appointments take effect tomorrow. Saravut said the management revamp would strengthen the company and support its marketing strategy. Globlex plans to increase its market share to 1.8-2 per cent next year by adding more institutional and foreign clients. Its target is for 80 per cent of its customers to be retail investors, 15 per cent institutional investors and 5 per cent foreign investors. Saravut said the company was in talks with foreign brokerages to create business alliances and planned to diversify into new businesses to minimise risk. Globlex will also launch an efficiency drive. Saravut said the brokerage expected the Stock Exchange of Thailand Index to rise to 800 this year and 900 next year. He cited three factors that favoured a market rally: falling interest rates, a more stable political situation and overall economic growth. The price-to-earnings ratio of the Thai stock market also remains attractive, so there is plenty of room for the index to rise, he added. Siriporn Chanjindamanee The Nation
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