SCB unit now No 1 for mutual funds
SCB Asset Management, a unit of Siam Commercial Bank, surged ahead of Kasikorn Asset Management to become the country's largest mutual-fund player after Black Tuesday and Bangkok's New Year's Eve bombings resulted in huge volatility in the stock market.
Since the Bank of Thailand introduced the 30-per-cent reserve requirement measure on December 18, the stock market has dropped 14 per cent. All asset-management firms have suffered a loss of value in their equity portfolios. Kasikorn Asset Management has reigned as the largest player for years. As of the end of last month, SCB Asset Management had Bt170.67 billion worth of assets under management, or a 16.4-per-cent market share, while Kasikorn Asset Management had dropped to 15.95 per cent with Bt165.96 billion worth of assets under management. Last November, Kasikorn Asset Management remained at the top, with Bt164.64 billion assets under management, holding a 16.46-per-cent stake while SCB Asset Management had Bt153.55 billion and a 15.35-per-cent market share. However, SCB Asset Management has managed to close that gap. Prior to recent events, Siam Commercial Bank chairman Vichit Suraphongchai said SCB Asset Management would take the top spot from Kasikorn this year. The firm launched a series of short-term fixed-income funds, plus new ones like the Foreign Investment Fund and property fund, which Kasikorn does not have.
Piyarat Setthasiriphaiboon The Nation
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