Bangkok--10 Feb--MFC
MFC Asset Management Public Company Limited targets to accomplish 20% NAV growth to reach 260 billion Baht in 2009. The company is set to face the global financial situation by focusing mainly on its clients’ wealth in terms of investment and benefits, supporting the government sectors with highly-experienced professional teams, further developing its entire service system to maximize its customer’s convenience, and emphasizing on constantly offering the best returns to the society.
Dr. Pichit Akrathit, President of MFC Asset Management Public Company Limited (MFC) says that the recent global financial crisis in 2008 hasn’t affected MFC crucially. The company performance is expected to grow profitably. The net asset value hasn’t had a significant drop despite the frequent economic and market fluctuations. Nevertheless, it decreased from 218.9 billion Baht in 2007 to 216.5 billion Baht in 2008. MFC resulted profitably through a sensible strategy while maintaining the efficiency of work systems and fund management in order to bring satisfying benefits to the clients like building income through business diversification, launching funds that fulfilled the clients’ needs and reducing operating costs since mid 2008.
Dr. Pichit explains that according to the Company performance in 2008, MFC had a total net asset value of 135.3 billion Baht in its mutual funds, declining 7.4% or 10.8 billion Baht from 2007 which had a net asset value of 146.2 billion Baht. It had 41 provident funds totaling 170,123 members with total net asset value of 55.9 billion Baht which grew at 8.1% or 4.2 billion Baht compared to 2007 which had a net asset value of 51.7 billion Baht. The growth of MFC provident funds was higher than the industry which grew only at 5.30%. Moreover, MFC private equity funds had a net asset value of 25.2 billion Baht which increased 20.58% or 4.3 billion Baht compared to 2007 where the net asset value was 20.9 billion Baht which was higher than the fund industry which decreased 4%.
In relations to the Company’s direction, MFC still reinforces the goal of being one of the top three leaders in wealth management and excellent services in the region by 2012. It plans to double the growth within five years with the expected NAV of 450 billion Baht. MFC also plans to expand through new business development in both local and overseas markets to increase its revenue proportion to become one half of its total revenues. For 2009, the Company projects that it will have 20% growth or 260 billion Baht and an income of approximately 670 million Baht.
“The key strategies to achieve the goal of being the region’s leader in wealth management and excellent services by 2012 are strengthening the existing business, creating a wealth management business and expanding investments into new potential markets, emphasizing on managing the funds that will offer continuous and higher benefits than the competitors, improving its work systems, managing the capital and investment efficiently including selecting diversifying investment options offered to investors continuously and efficiently - all under the management of highly-professional teams,” Dr. Pichit explains.
In terms of strengthening the existing business, the focus will be on creating MFC brand awareness and building trust by emphasizing its image of having the Ministry of Finance as its main shareholder, reinforcing its investment innovation leadership, focusing on low-risk yet attractive-return investments, and also developing faster and more convenient services for the clients. Besides, MFC will keep developing new sales and marketing channels, i.e., Investment Planning team, Corporate Wealth, Private Wealth, Private Banking and Selling Agents etc. The Company also pays great attention to corporate social responsibility campaigns under the slogan of “MFC …Building Thai Intelligence” constantly.
MFC has prepared a fundamental organization structures to support the further growth of the wealth management business by giving timely investment planning advice which enables its clients to react promptly to economic fluctuations.
According to Dr. Pichit, MFC plans to introduce approximately 22 new funds this year. namely 7 Equity Funds and Balance Funds , 5 fixed income funds, 6 foreign investment funds, and 4 property funds. In the first quarter, the Company expects to launch 5-6 funds which include fixed income funds, Equity Fund, foreign investment funds and property funds.
In 2009, MFC will focus on the strategy of developing new business arenas that have the potential to enhance Company’s income. The Company plans to expand its financial advisory business, especially in relations to supporting the Government projects continuing from 2008 such as the Infrastructure Fund Project and the Dual Rail Train Project. In terms of private equity funds, the MFC Energy Fund plans to explore approximately 36 projects and expand its level of investment to about 800 million Baht. As for property funds MFC expects to launch 3-4 funds valued at about 5 -6 billion Baht investing in office buildings, industrial buildings, serviced apartment buildings and etc.
Dr. Pichit also states that MFC will proceed further on its 2008 business expansion plans which include the following companies:
- Thai EXIM International, providing financial advices and trading facilitation;
- MRAM (MFC Real Estate Management): providing real estate management services; and
- MFA (MFC Financial Advisory), providing advisory services relating to finding suitable joint venture partners and financial advices for both the private and government sectors.
Dr. Pichit concludes that MFC has, in addition to its fund management activities to maximize returns on investment to investors, also carried on its corporate social responsibility fund managements such as the MFC Energy Fund, and Tsunami Recovery Fund and will continue its provision of scholarships and social contributions as donation allocated from MFC Islamic Funds management fee. Other constructive activities include MFC Talent Award, the ongoing five-consecutive-year campaign, to support the Thai youths with the dream of making a quality career in the financial and capital markets.
Further queries, please contact MFC Office:
Khun Sutasikar Khurat, Khun Suwanna Chewanantachai:
Tel. 0-2649-2230, 0-2649-2232
Verve Public Relations Consultancy:
Khun Wongchan Tangsongsak, Khun Trungrutai Sundos:
Tel. 0-2204-822, 0-2204-8078 Fax. 0-2259-9246