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It is the third entrant to this market this year, following rival broker Seamico as well as Manulife Asset Management.
The firm plans to offer funds later this year, which will likely include retirement and money-market products. In June, it launched its first long-term fund (LTF), an instrument promoted by the Stock Exchange of Thailand to boost liquidity and encourage retail investment. PhillipsÆ LTF raised nearly Bt6 billion ($192 million).
Phillip Asset Management will also look to launch foreign investment funds and possibly products like derivatives or structured notes as it gains a greater foothold in the market.
Suchai Suthasthamkul, managing director of Phillip Securities, and Vattana Vongseenin, deputy CEO of Phillip Asset Management, will run the new business. Vattana joined the firm from Thai Life Insurance where he was deputy director for its provident fund.
The final step before receiving the green light to open doors was to receive SEC approval for its operating systems. Phillips put in place a system vended by DST International to bring its risk management and other functions up to snuff.
The AU$85 billion ($61.6 billion) Australian super fund has some exposure to indebted property developer Evergrande. Meanwhile, China’s construction finance is part of its core strategy in real estate.
Investors are seeing the risks, but also the opportunities of the logistics sector. Warehousing their fears for the moment, they can see it's a good conduit to high-growth assets.
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SGX’s new framework for Spacs will likely provide investors with a much-needed channel for direct deals, but the verdict is still out on whether it will bring liquidity to the bourse.