The firm, with KGI Securities as its major shareholder, was one of the two asset-management companies whose mutual fund assets dropped last year, to Bt16.56 billion from Bt17.59 billion in 2005.

The unfavourable market was partially to blame but the main reason was that the firm has no bank support. Last year, asset-management units of banks tapped their bank's customer base to expand through fixed-income funds.

One Asset also launched a money market fund, one-, three- and six-month funds, and a one-year fixed-income fund, but has been unable to grow as bank units have done. SCB Asset Management last year added Bt60.79 billion from fixed-income funds alone. Somjin Sornpaisarn, managing director of One Asset Management, said yesterday the firm would offer a fixed-income fund and an equity fund, which would be differentiated from existing ones.

The firm will also launch a principal-guaranteed fund, a foreign investment fund and a property fund. Further details were not revealed.

The company has teamed up with a securities firm to bid to become the manager for the Stock Exchange of Thailand's exchange-traded fund to be introduced this year. Many asset-management companies have to find a securities firm as a partner to submit their proposals for this project.

Somjin said the firm expected 10-per-cent growth this year in its three businesses - mutual funds, provident funds and private funds.

 Piyarat Setthasiriphaiboon

 The Nation