UOB Asset Management (UOBAM) chief executive Vana Bulbon said his firm planned to launch at least one new fund each month for the rest of the year. The funds will have innovative features.

Vana said the parent company's strength in product innovation in Singapore and other parts of the world would play a greater role in the local unit's business expansion, as well as helping sales through UOB Bank's Thai branches.

Considering itself competing directly with ING Funds (Thailand), Aberdeen Asset Management and Ayudhya Fund Management (AYF), UOBAM now ranks eighth among Thailand's 19 asset-management firms, with Bt57.44 billion in assets under management. ING, AYF and Aberdeen rank ninth, 10th and 13th, respectively.

Vana expects the new approach to lift his firm's assets under management to a total of Bt100 billion, comprising assets in mutual, private and provident funds.

Since UOB completed its takeover of Bank of Asia in November 2005, UOBAM has launched only one fund linked to a UOB product: UOB Smart International Growth.

Yesterday, it launched a second fund linked to a product of its parent bank: UOB Smart Asia. UOBAM chief investment officer Korawut Leenaban-chong said the potential investment market for the fund covered China, Hong Kong, South Korea, Taiwan, Indonesia, Malaysia, the Philippines, Singapore and Thailand.

It will invest directly in the Bt14-billion United Asia Fund, which currently overweighs its portfolio of investment in China, Malaysia and Singapore.

The United Asia Fund recently upgraded the Thai market from "underweight" to "neutral", following a clearer picture of a new election, and up to 2 per cent of its total investment portfolio has been placed in Thai stocks following the rate adjustment.

Piyarat     Setthasiriphaiboon

The Nation