The Stock Exchange of Thailand (SET) President, Mr. Kittiratt Na-Ranong, as Chief Executive Officer of the Thailand Securities Depository, took part in today's (December 25, 2002) signing ceremony appointing the company as the back office service and registrar of the ING Asset Management (Thailand). He said, "the TSD aims to provide back office services and registrar services to asset management companies, providing an alternative for those without adequate personnel to deal with these responsibilities, or for the companies that are not interested in expanding in this direction, to also offer these services. The TSD started offering these services in the middle of 2002 and found it to be satisfactory.
"Currently, investment in various unit trusts of asset management companies is receiving greater interest from investors. Therefore, asset management companies are expanding at a rapid pace. From 2003 onwards, the TSD will expand its back office and registration services to about forty other pension funds and open-ended funds. This will help lower costs for securities companies and enhance their effectiveness in conducting business," Mr. Kittiratt said.
TSD Managing Director, Mrs. Nongram Wongwanich said, "Since the inception of the company's back office and registration services, a total of eight funds from three securities companies have signed up for the service: Krung Thai Asset Management Public Company Limited, the Primavest Asset Management Company Limited, and the ING Asset Management (Thailand) Company Limited. Asset management companies are interested in the service because they realize the TSD has experts in this field and is unbiased in its services because it is not involved in asset management transactions. In addition, the TSD offers an attractive level of fees for users. Therefore, more asset management companies should sign up for the center's services in the years ahead."
The signing ceremony involved representatives from the TSD, including its Chairman, Mr. Kittiratt Na-Ranong, President, Mrs. Nongram Wongwanich, and Vice President,Fund Registration, Mrs. Pannaporn Supsomboon. Representatives from the ING Asset management Company Limited included its President, Mr. Sompongse Faichampa, Chairman, Mr. Maris Tarab, Managing Director, Mr Jumpon Saimala, Senior Vice President-Mutual Fund Marketing.
