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Baht/$ 34.21/26 (Bid/Ask)
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13650
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INVESTING
NUNTAWUN POLKUAMDEE
Mutual funds are expected to post flat growth for the year, given the sharp fall in sentiment in the second half, according to Voravan Tarapoom, president of the Association of Investment Management Companies (AIMC).
Assets under management by the industry had fallen 2% to 1.58 trillion baht by the end of September.
Equity funds posted a 10.73% increase in net asset value from the end of 2007 to 146.24 billion baht, while fixed-income funds rose 2.47% to 974.33 billion.
However, mixed funds fell 19.76% to 196.97 billion baht over the same period, while other fund classes posted a 7.62% fall for the first three quarters to 261 billion. Retirement mutual funds and long-term equity funds also sank, by 7.82% to 80.59 billion baht.
Although foreign investment funds posted a huge 70.54% increase to 356.89 billion, Mrs Voravan - who is also head of BBL Asset Management - said foreign investment funds were likely to post declines due to the US economic crisis and a steep plunge in market sentiment across the world.
On the other hand, LTFs and RMFs should benefit from government plans to raise tax deductions for contributions made in the fourth quarter.
SCB Asset Management remains the leader with 279.26 billion baht in assets under management as of Sept 26, albeit down 7.81% from the end of 2007.
Kasikorn Asset Management ranked second with 245.44 billion baht, up 2.96% over the first three quarters, while BBL Asset management posted a 2.35% gain to 149.13 billion.
As a whole, the industry saw net asset values fall 32.35 billion baht in the first nine months, with SCBAM posting a 23.65 billion baht decline, Aberdeen Asset Management down 13.59 billion and TMB Asset Management slipping 11.06 billion.
Thanachart Fund Management bucked the trend with inflows expanding its portfolio by 13.59 billion baht in the first nine months, ING Funds showed a 7.35 billion gain and Kasikorn Asset secured 7.05 billion.
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