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Published on August 6, 2007

He said last week that one would offer financial advisory services and the other wealth management when they commence commercial operations in October.

Sasiprin acknowledged that he was new to the wealth management business, but said he saw a need to serve customer demand.

He and two top managers had resigned from Ayudhya Securities late last year amid rumours of conflicts with major shareholder Bank of Ayudhya.

He said he had decided to leave Ayudhya Securities after he reached an agreement to work with the Indonesian investor.

"We have already inked a deal with the investor from Indonesia to manage $200 million to $500 million and several foreign investors, including hedge and long-term funds, are under negotiations to contract us to manage their assets," he said.

The Indonesian investor is targeting high-growth non-listed and listed companies and is ready to provide them support in terms of customer base and networks, he added.

The investor expects to keep those companies for about five to 10 years, he said. Up to 70 per cent of the investor's portfolio will be in joint ventures and the remainder in stocks.

Siriporn  Chanjindamanee

The Nation