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Phillip joins mutual fund market

The asset management arm of Phillip Securities (Thailand) yesterday officially joined the mutual fund business, aiming to launch three new funds to manage about Bt500 million in assets this year.

Phillip joins mutual fund market

Vattana Vongseenin, left, deputy CEO of Phillip Asset Management, outlines the company’s new policy, while managing director Suchai Suthasthamkul joins the press conference yesterday.

Phillip, the 21st member of the mutual fund industry, expects to receive the private fund portfolio transferred from Phillip Securities soon. Initially, its customers will be from the securities firm.

The firm, one of the last three granted the mutual fund licence by the Securities and Exchange Commission last year, had to rush to launch its offering, a long-term fund (LTF). Under the new restrictions, the establishment of an LTF had to be completed before the end of June this year.

Deputy chief executive officer Vattana Vongseenin said Phillip would launch two retirement mutual funds (RMFs) and one money market fund this year.

Unlike other small mutual fund players, Vattana said that in the early stage the firm's strategy is to launch products that local investors are already familiar with like LTF, RMF and money market.

"We have to build up our performance first, then we'll be able to tap customers." 

Vattana, who resigned as Thai Life's provident fund deputy director early this year, added that apart from these products, the firm is studying the possibility of launching a foreign investment fund and other products with more features like derivatives or structured notes.

The company's LTF, launched last month, raised Bt5.92 million while the entire industry's LTF value was Bt32.12 billion. 

So far this year, three asset management companies - Seamico Asset Management, Manulife Asset Management and Phillip Asset Management - have made their debut in the market.

As of June 29, a total net asset value (NAV) of Bt1.29 trillion was under the management of mutual fund companies. SCB Asset Management is the country's largest mutual fund firm in terms of NAV, followed by Kasikorn Asset Management and TMB Asset Management.

Piyarat Setthasiriphaiboon

 The Nation


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