Teeraphan to head Siam City Asset Management

Teeraphan, also senior executive vice president of Siam City Asset Management, will take charge on October 16. He replaces Achara Suthisirikul, who resigned recently.

A source close to the mutualfund industry said Siam City Asset Management yesterday also appointed its parent, Siam City Bank, as its bank.

Teeraphan worked as an expert in fixedincome investments and the capital market before entering the mutualfund industry.

His resignation is unlikely to have an impact on Krung Thai Asset Management, as the company has already found his replacement. The deal will be concluded at the end of this month.

Siam City Asset Management commenced operations at the end of 2004 with an initial registered capital of Bt100 million. Siam City Bank held a 100percent stake. On August 5, 2005, the assetmanagement firm increased its capital to Bt170 million.

On October last year, it again raised its capital, to Bt300 million, and the parent bank reduced its holding to 60 per cent. The Government Pension Fund became its new major shareholder with a 40percent stake.

Siam City Asset Management's operations broke even about two and a half years after establishment.

As of August 29, the company was managing assets of Bt31.38 billion and provident funds totalling Bt2.38 billion.