SCB Asset Management sets target of Bt10 bn in private funds by year end
SCB Asset Management will approach 70-80 potential customers, with foundations and educational institutions the priority group, to expand its private funds by at least Bt10 billion this year, senior executive vice president Patcharin Techakehakit said yesterday.
The firm, which began business two years ago, had Bt3.13 billion in assets in its private fund portfolio by the end of November, up from Bt1.71 billion at the end of 2005. According to data from the Association of Investment Management Companies (AIMC), the private-fund sector had 24 players with Bt148.11 billion in assets under management at end-November, compared to 25 with Bt142.55 billion at the end of 2005. Private funds have increasingly attracted asset-management firms. Many firms, including Kasikorn Asset Management - the largest player in both mutual and private funds - have announced plans to obtain more customers. The AIMC database traces back to 2001, when there were 18 players with Bt71.8 billion in assets under management. This grew to Bt89.02 billion, Bt121.29 billion and Bt134.09 billion in 2002, 2003 and 2004, respectively.
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