Finansa looks abroad to launch fund
While many asset-management firms are planning to launch property funds in which the underlying assets are in Thailand, Finansa Asset Management will launch a foreign-investment fund (FIF) next year.
After interest rates showed signs of declining, property funds emerged as hot products for many firms seeking to add to their portfolio. There are 12 property funds in the market, including four that listed this year. Next year promises to be more interesting, with another 12 property funds due to be launched. Executive chairman Teera Phutrakul yesterday revealed that Finansa had submitted a proposal to the Securities and Exchange Commission (SEC) for approval to set up a property fund. Finansa will launch only one property fund, which will invest in either Thailand or abroad. However, it is likely the fund will be invested in foreign real estate. "The property business in the United States is interesting, especially with the baht appreciating against the dollar. We're asking UBS Global Asset Management to look for an opportunity," Teera said. Meanwhile, Finansa yesterday officially launched its Finansa Global Commodities Fund, which is the first FIF product available in the entire industry that invests purely in commodities. Last year, TMB Asset Management launched its TMB Gold Fund, a feeder fund that directly invests in the Street Track Gold Fund. Later, MFC Asset Management launched its third FIF, in which part of the investment portfolio invests in commodities. The Finansa Global Commodities Fund is Finansa's second FIF product. The US$10-million (Bt352 million) feeder fund will invest in the Rogers International Commodity Index (RICI), which invests in 35 commodities, weighed from international trading volume. Teera said the fund has chosen to invest in RICI in Swiss francs, because it believes in the currency's strength. "We did not choose a dollar-denominated currency, because it keeps weakening. The US economy is still in a downslide. We did not choose the euro, because we are not sure about integration among European countries. We're not sure in the long term, such as in two decades, where the euro will be," Teera said. "The initial public offering starts next Monday and will close at the end of next month. Piyarat Setthasiriphaiboon The Nation
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