KAsset to rejig strategy against rivals
Kasikorn Asset Management (KAsset), the country's second largest mutual-fund player, will revise this year's operating plan due to high competition in the industry, managing director Wiwan Tharahirunchote said last week.
She added that the new target would be set higher and details would be discussed this month. KAsset, a unit of the fourth largest bank Kasikornbank, reigned as the country's biggest player over the past few years. It's topped the list in private-fund business with Tisco Asset Management second. In provident-fund business, it ranked in fifth place. Siam Commercial Bank's mutual-fund unit, SCB Asset Management (SCBAM), in late December briefly surged ahead of KAsset in terms of assets under management in the mutual-fund business. SCBAM accelerated again and has now become the industry's biggest player with Bt217.07 billion in assets under management. KAsset follows at second with Bt172.91 billion. Krung Thai Asset Management, Bualuang Asset Management, TMB Asset Management and MFC Asset Management are taking turns in third place. Late last year prior to the Bank of Thailand's announcement of its drastic 30-per-cent withholding-tax measure, KAsset planned to launch 21 new funds, including routine short-term fixed-income funds, eight mixed funds, one equity fund, four Foreign Investment Funds and three new fixed-income funds, in which the investment policy would be different from the existing ones. The firm's first property fund, Gold Property Fund, was in line to be launched early this year, but the BOT's measure delayed the plan. Separately, Atchara Suthisirikul, managing director of Siam City Asset Management, plans to meet Siam City Bank's management team after SCIB's appointment of new president Chaiwat Uthaiwan. She expects to receive the bank's business policy with regard to its asset-management business. "We hope the bank will focus more on its asset-management unit so that we can provide our clients with an all-round service," she said. The firm is expected to grow by 10-15 per cent this year with its assets under management increasing from Bt28.29 billion in 2006. Apart from routine fixed-income funds planned for launch this year, the company aims to launch two property funds worth Bt700 million-Bt800 million.
Piyarat Setthasiriphaiboon The Nation
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