TMB Asset Management sets modest growth target for 2007
TMB Asset Management (TMBAM) has set a humble 2007 growth target of 15 per cent from the Bt101.92 billion in assets it recorded as of last Friday, says Jotika Savanananda, managing director of the company.
The firm's assets under management grew 60 per cent to Bt100.6 billion last year, from Bt61.97 billion in 2005, due mainly to Bt36 billion added to its portfolio of fixed-income funds.With the political uncertainties, declining interest rates and the unclear and unexpected measures announced by the Bank of Thailand all simmering, the firm this year plans to continue its focus on monthly launches of its regular products, including three-month, six-month and one-year fixed-income funds. To provide the customers with an alternative choice among declining interest rates, TMBAM will launch a monthly TMB Prime Fund, which will invest in debt tools with an A rating. The four-to-six month maturity fund is expected to generate annual returns of about 4.45 per cent. Also, it will launch four foreign-investment funds, three of which will invest in index funds in Japan, China and the US. Earlier, the firm planned to increase the capital of its CPN Retail Growth Property Fund, the Kingdom's largest property fund, by adding another Bt7.17 billion on top of its Bt10.92 billion. However, the central bank's drastic 30-per-cent reserve-requirement measure halted that plan. In addition, the firm this week will begin managing Bt4.3 billion in provident funds transferred from TMB Bank. It plans to penetrate the corporate market by offering several types of investment styles, in accordance with employees' choices. - The Nation
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