Bangkok--15 Dec--SET
‘Put Your Money to Work with Mutual Funds’ project has proved a success over the past four years, with mutual funds growing by 120%. Thailand Securities Depository (TSD) and other organizations continue to support the industry, with TSD joining an end-of-year promotional event aiming at further boosting investment and offering this year’s last tax saving opportunity.
“SET has provided THB 32 million in support for this project, which promotes investment through institutions and educates people about mutual funds investment. Today these funds provide people with another alternative for managing their savings. Their net asset value (NAV) has grown from THB 440.21 billion in 2003 to THB 1,000.19 billion this year. The cooperation between interested organizations on this project demonstrates the industry’s growing maturity,” SET Executive Vice President Mr. Vichate Tantiwanich said.
“In addition to its supervisory role, Securities and Exchange Commission (SEC) also supports education about, and the promotion of, mutual funds. These funds are suited to new investors who may not be very knowledgeable about or have the time to follow market trends. Mutual funds help stabilize the capital market by increasing the proportion of institutional investors. A greater variety of mutual funds products is expected next year - innovative developments that SEC fully supports,” SEC Senior Assistant Secretary-General Mr. Pravej Ongartsittigul added.
Investor education is crucial for the market’s development. This project’s success indicates that Thai people are becoming more sophisticated financially, which benefits the overall capital market. Capital Market Development Fund Foundation Managing Director Mr. Choochai Teeronachart noted.
“Educating people about mutual funds is the best way to enlarge the investor base. Over the past four years, ‘Put Your Money to Work with Mutual Funds’ project has been implemented by Family Know-How Co., Ltd., a SET subsidiary, and supported financially and professionally by every investment management company. As a result, the mutual fund industry has expanded in many ways, e.g. more unit holders, rising NAV and a greater number of funds.
In 2003 there were only 319 funds. As of December 1, 2006, there were 698 with NAV of THB 1,000.19 billion. In terms of NAV, fixed income funds are the largest with 389 funds with THB 608.71 billion. The second largest are flexible funds of which there are 130 with THB 273.28 billion NAV, while equity funds are next with 152 funds having THB 80.42 billion. In 2007 this project will turn its attention to provincial areas,” Association of Investment Management Companies Chairman Mr. Maris Tarab stated.
TSD will join ‘Put Your Money to Work with Mutual Funds’ project, together with 18 investment management companies, to host an event promoting long-term savings and tax-planning. This is “Last Chance for Tax Reduction with RMF-LTF”, to take place on December 16 — 17, and 23 — 24, 2006, 09:30 — 18:00 hours at the SET Building, TSD CEO Ms. Sopawadee Lertmanaschai noted
At the event, 18 investment management companies will have booths providing public consultation and there will be special promotions, seminars, tax calculation, and games and prizes to take home.
For more information, please call TSD Call Center on 0-2229-8888 or visit www.tsd.co.th
For more information, please contact the Corporate Communications Dept.:
Ladawan Kantawong Tel: 0-2229-2036 / Kulvida Jintakawong Tel: 0-2229-2037 /
Nattaporn Boonprapa Tel: 0-2229-2049 / Watsamon Saowakhonsathien Tel: 0-2229-2797