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Baht/$ 33.49/52
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GOLD |
14,600
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INVESTING
NUNTAWUN POLKUAMDEE
SCB Asset Management will maintain its growth target of 120 billion baht for the year even as growth for the fund industry remained flat in the first half.
The Siam Commercial Bank affiliate aims for 420 billion baht in assets under management by year-end, compared with 276 billion as of mid-June.
Newly appointed SCBAM president Sethaput Suthiwart-Narueput acknowledged that meeting the ambitious growth target would be a challenge considering current market conditions.
The former chief economist and managing director of SCB Securities said the asset management company needed to leverage the extensive branch network and customer base of its parent bank to succeed.
''If we work hard, then we can reach the target. Our strategy is to link with SCB branches and develop products similar to deposit products such as money market funds,'' Dr Sethaput said.
SCBAM will also increasingly emphasise advisory services as a key selling point, with licensed investment advisers placed at each SCB branch to give investment advice to bank customers.
''Depositors need help in guiding them about alternative investments apart from bank savings products. Our strategy is also being made to prepare for the launch of the Deposit Insurance Agency this August,'' Dr Sethaput said.
Within five years, government coverage for bank deposits would fall to one million baht per customer per institution from the blanket coverage offered since the 1997 crisis.
Dr Sethaput said market conditions were difficult, as interest rates and inflation were both increasing.
Investors were fleeing the equities market in favour of cash to reduce their investment risk. Dr Sethaput noted that alternative investments such as commodities were more likely to outperform inflation and bank deposit rates.
''High inflation is a concern not only for the Thai economy but for everyone around the world,'' he said.
SCBAM will launch two new funds on Thursday _ an SCB FRN1Y10 one-year Korean bond fund and a structured note fund linked to Australian gold prices and denominated in Australian dollars.
The company is also rolling out three new debt funds from July 11, including a six-month Thai government bond fund and a Korean bond fund of the same duration.
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