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Published on August 30, 2007

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Managing director Anusorn Buranakanonda said a five-star hotel in Bangkok would be the underlying asset. He dismissed concerns over whether the central bank's withholding tax would scare foreign investors away from the Bt3.2-billion fund.

"It will be a freehold property fund. The fund will be launched in the next couple of weeks and we think the capital-control measure will not affect the fund raising," said Anusorn,

The fund is expected to generate a return of around 6 per cent. Later this year, BTAM will also launch its second property fund, in which the underlying asset is a warehouse and the fund size is Bt1 billion.

Besides routine fixed-income funds, the company also plans to launch its third foreign investment fund for this year. The return of this capital-protected fund will be based on the movement of a foreign-currency basket.

In the last quarter, BTAM will join forces with Millea Life Insurance (Thailand), a life insurer in which BTAM holds 30 per cent, to introduce a closed-ended, three-year-maturity savings plan, which will provide life assurance for the mutual fund's unit holders.

To that end, BTAM is expected to achieve Bt27 billion assets under management in the mutual-fund business and Bt50 billion in assets in all businesses.

The firm now manages Bt19 billion of mutual funds and Bt41 billion of assets.

Separately, BTAM yesterday launched BT FIF Gold Link Fund 2. The capital-protected fund offers a maximum 7-per-cent return. The actual rate will depend on the movement of gold prices and the Australian dollar.

The company launched a similar fund three months ago and the subscription was overwhelming.

Piyarat Setthasiriphaiboon

The Nation