K-Asset seeks more variety
Kasikorn Asset Management (K-Asset) will explore other sales channels this year, to wean itself away from heavy dependence on its parent banks' customers, its new president said yesterday.
"All of the bank units work together. However, following the trend in rising interest rates, the bank itself may need to raise its own interest rate, in order to keep its customers. So, we'll have to sell more of our products through other channels," said Wiwan Tharahirunchote. He said about 95 per cent of K-Asset's mutual-fund sales was generated from Kasikornbank. K-Asset saw 40-per-cent growth to Bt220 billion in its assets under management last year, with mutual funds making up Bt143 billion of that total. Wiwan, who resigned from One Asset Management last month, said the company expected at least to keep up with the average industry growth of 10 per cent forecast for this year. "The toughest job is to remain the country's largest asset-management company. There'll be more variety of funds and distribution channels," he said.
Piyarat Setthasiriphaiboon The Nation
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