Stock Exchange Of Thailand Announces It's Ready To Contribute 600 Million Baht For Investment Into 13 Equity Funds

The Stock Exchange of Thailand (SET) has reached a conclusion with 13 mutual funds into which it will be contributing investment funds. These comprise eight newly established funds and five existing funds now worth a total of 25,000 million baht. The SET will set aside funds to invest in these funds starting this September.

President of the SET, Mr. Kittiratt Na-Ranong, disclosed that the SET executive board has selected a total of 13 equity funds jointly established by investment management companies and securities companies. The SET will be allocating 600 million baht of funds to invest in these funds starting from this September. These funds will provide savers with another new investment alternative.

The 13 funds come from the proposals submitted by ten investment management companies and 13 securities companies. Among the 13 funds, eight are newly established funds worth 13,000 million baht, while the remaining five are existing funds worth 12,000 million baht giving a total value of 25,000 million baht to the fund project. The funds' investment policies focus on investing in stocks of no more than 30 listed companies. Investment information will be announced on a weekly basis, so as to inform investors as well as allowing them to learn about the fund managers' investment decisions.

"The SET will allocate 50 million baht worth of funds to be invested in each of the eight newly established funds making a total of 400 million baht as an initial investment for the funds' operation. For the five existing funds, which will be relaunched, the SET will allocate 40 million baht worth of funds to be invested in each bringing the total of 200 million baht. This group will receive less as they already have their initial capital. The total investment to be made by the SET will be 600 million baht," Mr. Kittiratt said.

The SET believes that all of these funds will receive attention from savers searching for a new investment alternatives in times of significantly low saving interest rates. The SET affirms that it will be making a long-term investment in these funds and will definitely not redeem its investment units for at least the first 24 months.

The eight newly established funds are:

1. SCB Dividend Stock Open End Fund co-established by SCB Asset Management Co., Ltd. and SCB Securities Co., Ltd.
2. MFC-BT Income Growth Fund co-established by MFC Asset Management Public Co., Ltd. and IB Securities Co., Ltd.
3. IB Premier Fund (IBP) co-established by PrimaVest Asset Management Co., Ltd. and IB Securities Co., Ltd.
4. Krung Thai-Trinity Fund (KTTN) co-established by Krung Thai Asset Management Co., Ltd. and Trinity Securities Co., Ltd.
5. AYS-PrimaVest Flexible Fund (AYP) co-established by PrimaVest Asset Management Co., Ltd. and Ayudhya Securities Co., Ltd.
6. N-SET Fund co-established by National Asset Management Co., Ltd. and National Securities Co., Ltd.
7. 1 AM SET 50 co-established by One Asset Management Ltd. and KGI Securities (Thailand) Public Co., Ltd.
8. AJF Star Dynamic Fund co-established by Ayudhya JF Asset Management Ltd. and ABN Amro Asia Securities Public Co., Ltd.

The five existing funds that the SET will be investing are:

1. TISCO Aggressive Growth Fund co-established by TISCO Asset Management Co., Ltd. and TISCO Securities Co., Ltd.
2. One-UB Fund co-established by One Asset Management Ltd. and Syrus Securities Co., Ltd.
3. Sintawee Kamrai Open End Fund co-established by Ayudhya JF Asset Management Ltd. and Sicco Securities Public Co., Ltd.
4. ING Thai Equity Fund co-established by ING Mutual Fund Asset Management (Thailand) Co., Ltd. and DBS Vickers Securities (Thailand) Co., Ltd.
5. Aberdeen Flexible Capital Fund co-established by Aberdeen Asset Management Co., Ltd. and Phillip Securities (Thailand) Public Co., Ltd.

The newly established funds will be available for public offering from September 2003 onwards.

Please click here for list of newly established funds.