THE CERULLI REPORT Asset Management in Southeast Asia 2013 Gaining Breadth and Depth Overview This annual report examines the growing Southeast Asian asset management industry including, marketsizing and projections, product development, distribution strategies, competitive landscape, regulatory developments, and investor behavior. Wealth in this region is growing rapidly and coupled with increasingly greying demographics, spillover into the asset management space appears imminent. Regulatory changes may make opportunities more prevalent. This report provides the insight necessary to build on existing strategies or develop new ones. This year s report also includes three key region-wide themes: retail opportunities arising from a greying population, external product threats, and strategies for competing in the mutual fund landscape. Data is from proprietary surveys conducted with asset managers in markets such as Malaysia, Thailand, and Indonesia. Interviews with 60 firms doing business in this region provide qualitative perspective. Countries covered: Malaysia, Thailand, Indonesia, the Philippines, Vietnam, Singapore (covered in regional chapter). Benefits Comprehensive distribution analysis Proprietary forecasts for assets under management Identification of best point of entry in each market Unique fee analysis Questions Answered This report answers these and other critical questions: 1. What is the outlook for private retirement schemes in the region? 2. Is the Southeast Asian asset management marketplace moving towards open architecture? 3. What is the outlook for market size and growth? 4. How can foreign managers penetrate these markets given the highly captive distribution? 5. How likely are local managers to work with external managers in the coming months? 6. How are regulatory changes opening up opportunities? 7. Which markets are the fastest growing and present the best opportunities for global managers? The Cerulli Report 13 THE CERULLI REPORT TO PURCHASE CALL +1 617-437-0084 EMAIL info@cerulli.com VISIT www.cerulli.com HAVE US CONTACT YOU: http://clients.cerulli.com/tiny/m2h7 Subscription Information $15,000 ANNUAL Hardcopy Softcopy in color Unlimited online firm-wide access Exhibits in Excel format Key Findings in PDF Online access to 8 related reports Analyst support LOOK INSIDE 13 pages of report content attached 164 pages, 103 exhibits Research Included with Subscription A subscription to this report remains active through 6/26/2014 and includes online access to the following related Cerulli research: Six years of Cerulli Quantitative Update: Asset Management in Southeast Asia Shariah Investing: Market Sizing & Analysis 2008 Asset Management in Southeast Asia 2007
Expanded Table of Contents Table of Contents - Expanded Key Questions Answered...13 What is the outlook for private retirement schemes in the region, and what retail opportunities might potentially arise?...13 What are the potential threats existing externally on the products front, and what opportunities are present against that backdrop?...15 What strategies are managers adopting to maintain their competitive edge within the retail asset management space?...17 Executive Summary...19 Exchange Rates...25 Chapter 1: Retirement Markets in Southeast Asia...26 Exhibit 1.01. Pension Coverage Rates of Selected Countries in Asia, 2012...26 Exhibit 1.02. Snapshot of Private Retirement-Related Products in Southeast Asia...28 Exhibit 1.03. Thai Retirement Mutual Funds and Long-Term Equity Funds, 2008 2012...29 Chapter 2: Competing Products...32 Exhibit 2.01. Southeast Asian Mutual Fund Assets Under Management Marketshare by Investment Objective, 2008 2012...32 Exhibit 2.02. Real Estate Returns for Selected Southeast Asian Countries, 2010 2012...33 Exhibit 2.03. Malaysian Wholesale Funds Assets Under Management, 2009 2012...36 Chapter 3: Strategy...38 Exhibit 3.01. Cerulli Survey Respondents Views on Their Plans to Work with External Managers for New Funds, 2013...40 Exhibit 3.02. Largest Feeder Funds in Southeast Asia by Assets Under Management, 2012...41 Exhibit 3.03. Top and Bottom 10 Recently Launched Funds in Southeast Asia by Net New Flows, 2012...42 Chapter 4: Regional...45 Market Sizing Exhibit 4.1.01. Southeast Asian Mutual Fund Assets Under Management by Country, 2008 2012...46 Exhibit 4.1.02. Southeast Asian Household Financial Assets and Mutual Fund Penetration Rate, 2007 2011...47 Product Exhibit 4.2.01. Southeast Asian Mutual Fund Net New Inflows, 2008 2012...48 Exhibit 4.2.02. Southeast Asian Mutual Fund Assets Under Management Marketshare by Investment Objective, 2008 2012...49 Exhibit 4.2.03. Cerulli Survey Respondents Views on Products Ability to Raise Assets in 2013...50 Exhibit 4.2.04. Cerulli Survey Respondents Views on Their Plans to Work with External Managers for New Funds, 2013...51 Exhibit 4.2.05. Cerulli Survey Respondents Feeder Funds Product Plan, 2013...52 Exhibit 4.2.06. Cerulli Survey Respondents Views on Which Product Poses the Greatest Threat to Their Products Ability to Raise Assets, 2013...53 Players Exhibit 4.3.01. Largest 20 Mutual Fund Managers in Southeast Asia ex-singapore, 2012...54 Distribution Exhibit 4.4.01. Southeast Asian Mutual Fund Assets Under Management by Distribution Channel, 2010 2012...55 Exhibit 4.4.02. Cerulli Survey Respondents Views on the Importance of Distribution Channels to Their Assets Under Management and Profitability, 2013...56 Exhibit 4.4.03. Cerulli Survey Respondents Views on How They Are Changing Their Relationship with Existing Distributors, 2013...57 The Cerulli Report Asset Management in Southeast Asia 2013 7 C A
Table of Contents Expanded Projections and Outlook Exhibit 4.5.01. Cerulli Survey Respondents Views on Changes to Their Firm s Cost Structure, 2010 2015E...58 Exhibit 4.5.02. Cerulli Survey Respondents Views on How the ASEAN Funds Passport will Influence Fund Raising in 2013...59 Exhibit 4.5.03. Projected Southeast Asian Mutual Fund Assets Under Management by Country, 2012 2017E...60 Chapter 5: Malaysia...61 Market Sizing Exhibit 5.1.01. Malaysian Mutual Fund Assets Under Management, 2008 2012...63 Exhibit 5.1.02. Malaysian Mutual Fund (ex-bumiputra) Assets Under Management, 2008 2012...64 Product Exhibit 5.2.01. Malaysian Mutual Fund Net New Inflows, 2008 2012...65 Exhibit 5.2.02. Malaysian Mutual Fund Assets Under Management Marketshare by Investment Objective, 2008 2012...66 Exhibit 5.2.03. Malaysian Mutual Fund Assets Under Management by Geographical Focus, 2008 2012...67 Exhibit 5.2.04. Cerulli Survey Respondents Mutual Fund Assets Under Management by Structure, 2010 2012...68 Exhibit 5.2.05. Funds of Funds in Malaysia by Assets Under Management, 2012...69 Exhibit 5.2.06. Largest 10 Feeder Funds in Malaysia, 2012 (Part 1)...70 Exhibit 5.2.06. Largest 10 Feeder Funds in Malaysia, 2012 (Part 2)...71 Exhibit 5.2.07. Cerulli Survey Respondents Views on Their Plans to Work with External Managers for New Funds in 2013...72 Exhibit 5.2.08. Malaysian Islamic Assets by Fund Type, 2008 2012...73 Exhibit 5.2.09. Cerulli Survey Respondents Views on the Percentage of Firm s Assets Under Management Being Islamic in 2012 and in 2015E, 2013...74 Exhibit 5.2.10. Malaysian Wholesale Fund Assets Under Management, 2009 2012...75 Exhibit 5.2.11. List of Wholesale Funds in Malaysia, 2012 (Part 1)...76 Exhibit 5.2.11. List of Wholesale Funds in Malaysia, 2012 (Part 2)...77 Exhibit 5.2.12. Cerulli Survey Respondents Views on Products Ability to Raise Assets in 2013...78 Exhibit 5.2.13. Cerulli Survey Respondents Views on Which Product Poses the Greatest Threat to Their Products Ability to Raise Assets, 2013...79 Exhibit 5.2.14. Malaysia Fee Analysis, 2012...80 Players Exhibit 5.3.01. Largest 10 Mutual Fund Managers in Malaysia, 2010 2012...81 Exhibit 5.3.02. Largest 10 Managers of Malaysia-Domiciled Islamic Funds, 2011 2012...82 Distribution Exhibit 5.4.01. Malaysian Mutual Fund Assets Under Management by Distribution Channel, 2010 2012 (Part 1)...83 Exhibit 5.4.01. Malaysian Mutual Fund Assets Under Management by Distribution Channel, 2010 2012 (Part 2)...84 Exhibit 5.4.02. Cerulli Survey Respondents Views on the Importance of Distribution Channels to Their Assets Under Management and Profitability, 2013...85 Exhibit 5.4.03. Cerulli Survey Respondents Views on How They Are Changing Their Relationship with Existing Distributors, 2013...86 Projections and Outlook Exhibit 5.5.01. Cerulli Survey Respondents Views on Changes to Their Firm s Cost Structure, 2010 2015E...87 Exhibit 5.5.02. Cerulli Survey Respondents Views on How the ASEAN Funds Passport Will Influence Fund Raising in 2013...88 Exhibit 5.5.03. Projected Malaysian Mutual Fund Assets Under Management, 2012 2017E...89 Chapter 6: Thailand...90 Market Sizing Exhibit 6.1.01. Thai Mutual Fund Assets Under Management, 2008 2012...92 Exhibit 6.1.02. Thai Private Fund Assets Under Management, 2008 2012...93 Exhibit 6.1.03. Thai Provident Fund Assets Under Management, 2008 2012...94 C A 8 The Cerulli Report Asset Management in Southeast Asia 2013
Expanded Table of Contents Product Exhibit 6.2.01. Thai Mutual Fund Net New Inflows by Investment Objective, 1H 2010E 2H 2012E...95 Exhibit 6.2.02. Thai Mutual Fund Assets Under Management Marketshare by Investment Objective, 2008 2012...96 Exhibit 6.2.03. Number of Foreign Investment Funds by Structure, 2008 2012...97 Exhibit 6.2.04. Retirement Mutual Funds and Long-Term Equity Funds, 2008 2012...98 Exhibit 6.2.05. Cerulli Survey Respondents Views on Products Ability to Raise Assets in 2013...99 Exhibit 6.2.06. Cerulli Survey Respondents Private Fund Assets by Geographical Focus, 2010 2012...100 Exhibit 6.2.07. Cerulli Survey Respondents Views on Their Plans to Work with External Managers for New Funds, 2013...101 Exhibit 6.2.08. Thai Mutual Fund Fees, 2012...102 Exhibit 6.2.09. Cerulli Survey Respondents Views on Which Product Poses the Greatest Threat to Their Products Ability to Raise Assets, 2013.103 Players Exhibit 6.3.01. Largest 10 Fund Managers in Thailand, 2010 2012 (Part 1)...104 Exhibit 6.3.01. Largest 10 Fund Managers in Thailand, 2010 2012 (Part 2)...105 Exhibit 6.3.02. Thai Overseas Fund Assets Under Management by Fund Manager, 2010 2012 (Part 1)...106 Exhibit 6.3.02. Thai Overseas Fund Assets Under Management by Fund Manager, 2010 2012 (Part 2)...107 Distribution Exhibit 6.4.01. Thai Mutual Fund Assets Under Management by Distribution Channel, 2010 2012...108 Exhibit 6.4.02. Cerulli Survey Respondents Views on the Importance of Distribution Channels to Their Assets Under Management and Profitability, 2013...109 Exhibit 6.4.03. Cerulli Survey Respondents Views on How They Are Changing Their Relationship with Existing Distributors, 2013...110 Projections and Outlook Exhibit 6.5.01. Cerulli Survey Respondents Views on Changes to Firms Cost Structure, 2010 2015E...111 Exhibit 6.5.02. Cerulli Survey Respondents Views on How the ASEAN Funds Passport will Influence Fund Raising in 2013...112 Exhibit 6.5.03. Projected Thai Mutual Fund Assets Under Management, 2012 2017E...113 Chapter 7: Indonesia...114 Market Sizing Exhibit 7.1.01. Indonesian Mutual Fund Assets Under Management, 2008 2012...115 Exhibit 7.1.02. Shariah Fund Assets Under Management, 2008 2012...116 Product Exhibit 7.2.01. Indonesian Mutual Fund Net New Inflows, 2008 2012...117 Exhibit 7.2.02. Indonesian Mutual Fund Assets Under Management by Investment Objective, 2008 2012...118 Exhibit 7.2.03. Indonesian Shariah Funds by Investment Objective, 2008 2012...119 Exhibit 7.2.04. Cerulli Survey Respondents Views on Products Ability to Raise Assets in 2013...120 Exhibit 7.2.05. Cerulli Survey Respondents Views on Which Product Poses the Greatest Threat to Their Products Ability to Raise Assets, 2013.121 Exhibit 7.2.06. Indonesian Mutual Fund Fees, 2012...122 Players Exhibit 7.3.01. Largest 10 Mutual Fund Managers in Indonesia, 2010 2012...123 Exhibit 7.3.02. Foreign-Owned Indonesian Fund Manager Assets Under Management, 2010 2012 (Part 1)...124 Exhibit 7.3.02. Foreign-Owned Indonesian Fund Manager Assets Under Management, 2010 2012 (Part 2)...125 Distribution Exhibit 7.4.01. Indonesian Mutual Fund Assets Under Management by Distribution Channel, 2010 2012...126 Exhibit 7.4.02. Cerulli Survey Respondents Views on How They Are Changing Their Relationship with Existing Distributors in 2013...127 Exhibit 7.4.03. Total Commercial Banking Assets and Third-Party Deposits in Indonesia, 2008 2012...128 Exhibit 7.4.04. Total Islamic Commercial Banking Assets in Indonesia, 2008 2012...129 Exhibit 7.4.05. Indonesian Unit-Linked Insurance Investment Assets, 2007 2011...130 Projections and Outlook Exhibit 7.5.01. Projected Indonesian Mutual Fund Assets Under Management, 2012 2017E...131 The Cerulli Report Asset Management in Southeast Asia 2013 9 C A
Table of Contents Expanded Chapter 8: The Philippines...132 Market Sizing Exhibit 8.1.01. Snapshot of Regulatory Changes in Philippine Asset Management Industry, March 2013 (Part 1)...134 Exhibit 8.1.01. Snapshot of Regulatory Changes in Philippine Asset Management Industry, March 2013 (Part 2)...135 Exhibit 8.1.02. Philippine UITF and Mutual Fund Assets Under Management, 2008 2012...136 Product Exhibit 8.2.01. Philippine Mutual Fund Net New Inflows by Investment Objective, 2008 2012...137 Exhibit 8.2.02. Philippine Mutual Fund Assets Under Management Marketshare by Investment Objective, 2008 2012...138 Exhibit 8.2.03. Philippine UITF Assets Under Management Marketshare by Investment Objective, 2008 2012...139 Exhibit 8.2.04. Philippine Investment Fund Fees, 2012...140 Exhibit 8.2.05. Philippine Special Deposit Accounts Asset Size, 2008 2012...141 Players Exhibit 8.3.01. Top 10 Philippine Mutual Fund and UITF Managers by Assets Under Management, 2010 2012 (Part 1)...142 Exhibit 8.3.01. Top 10 Philippine Mutual Fund and UITF Managers by Assets Under Management, 2010 2012 (Part 2)...143 Distribution Exhibit 8.4.01. Largest 10 Banks in the Philippines by Trust Accounts and Deposits, 2012...144 Exhibit 8.4.02. Largest 5 Philippine Life Insurance Companies by Variable Universal Life Insurance Products Total Premium Income, 2011...145 Projections and Outlook Exhibit 8.5.01. Projected Philippine UITF and Mutual Fund Assets Under Management, 2012 2017E...146 Chapter 9: Vietnam...147 Market Sizing Exhibit 9.1.01. Closed-End Public Fund Assets Under Management, 2008 2012...148 Product Exhibit 9.2.01. Closed-End Public Fund Performance, 2012...149 Exhibit 9.2.02. Open-End Funds in Vietnam, March 2013...150 Exhibit 9.2.03. List of Member Funds in Vietnam, 2012...151 Players Exhibit 9.3.01. List of Fund Management Companies in Vietnam, 2012 (Part 1)...152 Exhibit 9.3.01. List of Fund Management Companies in Vietnam, 2012 (Part 2)...153 Distribution Exhibit 9.4.01. Number of Banks in Vietnam, 2012...154 Exhibit 9.4.02. List of Securities Companies in Vietnam, 2012 (Part 1)...155 Exhibit 9.4.02. List of Securities Companies in Vietnam, 2012 (Part 2)...156 Exhibit 9.4.02. List of Securities Companies in Vietnam, 2012 (Part 3)...157 Appendix...158 List of Public Funds in Vietnam, 2012...158 Glossary...159 Company Index...161 C A 10 The Cerulli Report Asset Management in Southeast Asia 2013
Methodology Methodology The Cerulli Report: Asset Management in Southeast Asia 2013 is an analysis of asset management trends in Malaysia, Thailand, Indonesia, the Philippines, and Vietnam. Singapore data has been included in the regional chapter for purposes of comparison and completeness. An extension of the firm s research coverage in Asia, this report forms an important part of our ongoing coverage of the world s developed and developing asset management marketplaces. Cerulli believes that Southeast Asian countries will continue to widen their influence within Asia, a region which in the long run will probably represent the largest mutual fund marketplace in the world outside of the United States. Report Focus The following pages focus on several key areas in Southeast Asia s asset management industry: market sizing, product development, distribution strategies, competitive analysis, projections, key regulatory developments, and investor behavior. This year s report also includes an in-depth discussion of three key region-wide themes: retail opportunities arising from a greying population, analysis of external product threats, and strategy for competing in the mutual fund landscape. Proprietary Research While anecdotal information on the Southeast Asian markets abounds, the quality and reliability of information remains sketchy. Our firm, however, strives to sort through the anecdotes and disparate statistics, and begin assembling more actionable data in two forms: Granular quantitative information designed to help clients determine the size of publicly available investment assets, thereby providing a better picture of the current and potential opportunities in the various customer and product segments. Consultative qualitative information designed to help clients understand how to tap these opportunities via an informed assessment of the latest product, distribution, and regulatory trends. Central to achieving the goal of providing useful quantitative information are our proprietary surveys of asset managers in the region. This is a bottom-up survey to understand the relationship between asset management firms and their clients. Cerulli is pleased to say that close to 60 highly focused and in-depth research meetings and conference calls were conducted with asset managers, distributors, fund associations, and regulators in the region. In addition, Cerulli surveyed asset managers in Malaysia, Thailand, and Indonesia. Cerulli believes that the data herein is reliable and has made every reasonable effort to verify statistics presented. However, Cerulli does not guarantee its accuracy or completeness. Key data in this report is calculated and presented in U.S. dollars to allow for comparative analysis. Exchange rates from year-end 2012 have been used. Cerulli benefited from the cooperation of a number of regulators and trade industry associations in the region, and is especially grateful for assistance from the following: Securities Commission, Kuala Lumpur Federation of Investment Managers Malaysia, Kuala Lumpur The Cerulli Report Asset Management in Southeast Asia 2013 11 C A
Methodology Otoritas Jasa Keuangan, Jakarta Association of Indonesian Mutual Fund Managers, Jakarta Bank Indonesia, Jakarta Securities and Exchange Commission, Bangkok Bank of Thailand, Bangkok Association of Investment Management Companies, Bangkok Trust Officers Association of the Philippines, Manila Bangko Sentral ng Pilipinas, Manila Philippine Investment Funds Association, Manila State Securities Commission, Hanoi The State Bank of Vietnam, Hanoi C A 12 The Cerulli Report Asset Management in Southeast Asia 2013
Sample Section From: The Cerulli Report Asset Management in Southeast Asia 2013: Gaining Breadth and Depth
Thailand Chapter 6 EXHIBIT 6.2.03 Number of Foreign Investment Funds by Structure, 2008 2012 Sources: Securities and Exchange Commission, Cerulli Associates Analyst Note: Only includes funds with a policy to invest more than 80% of their NAV overseas, either as an average in an accounting year or at a particular point in time. 700 600 500 400 300 200 282 63 13 542 89 437 16 580 85 471 24 367 93 21 421 157 23 100 206 253 241 0 2008 2009 2010 2011 2012 Through direct investment Through feeders Through funds of funds A larger number of FIFs chose the feeder fund structure for their overseas investments in 2012. Their numbers increased by 68.8% last year and it was the only fund structure to experience significant gains. Funds of funds (FoFs) remain the least popular fund structure for overseas investments. Among FoFs launched in 2012, two were invested in real estate. They are CIMB-Principal s Property Income fund and MFC s International Real Estate 7 MT fund. Key Implication: The number of FIFs directly investing remained about the same in 2012 as in 2011, but their investment regions have become more varied. The current batch of FIFs invests in Brazilian and Chinese debt, as well as Indonesian and South African bank deposits. All FIFs in Thailand hedge their currency back into the Thai baht, even though this is not required by law. Cerulli s conversations with FIFs reveal that this has been market practice and it also helps to simplify explanations when the products are pitched to clients. The Cerulli Report Asset Management in Southeast Asia 2013 97 C A
Chapter 7 Indonesia EXHIBIT 7.2.04 Cerulli Survey Respondents Views on Products Ability to Raise Assets in 2013 Source: Cerulli Associates (5=Greatest ability, 1=Least ability) Local equity/balanced funds Equity funds with overseas exposure Discretionary/Private placement funds Capital-protected funds Regular savings products (Installment funds) Islamic funds Local fixed-income funds RDPT funds Property funds/reits ETFs (or funds feeding into ETFs) Fixed-income funds with overseas exposure 1.8 2.0 2.5 2.8 2.8 3.0 3.4 3.8 3.8 3.8 4.8 0 1 2 3 4 5 Equity funds have been rated as having the highest ability to raise assets this year, on the back of continued optimism over the domestic equity market. Discretionary funds follow right behind equity funds. This reflects managers continued commitment to manage institutional assets, often seen as an avenue for brand building and asset growth before managers try their hand in the retail segment. RSP products, which Cerulli added to the survey for the first time, received relatively strong ratings as well. In a bid to attract small-ticket investors, several fund houses have indicated plans to launch more RSP products to enhance the stickiness of flows. In a bid to provide more value-added services, Panin Asset Management in October last year launched a mutual fund with an RSP structure bundled with an insurance product providing coverage for accidents and dismemberment. As these do not constitute major coverage, the premiums are usually manageable, and are absorbed by Panin with little impact on margins. The value proposition of this fund is that, unlike investment-linked products, all of investors money goes directly into the fund as no commissions are paid. Also, since it is a mutual fund, prices are published daily and there is more transparency. RDPT funds, which operate like private equity funds but are mainly utilized for infrastructure projects, are not rated highly by managers for potential in 2013, due to a limited number of projects available for financing. Also, longer-term projects usually prefer to go to banks for financing as they can get funds in tranches corresponding to project milestones. In contrast, acquiring funding through the RDPT structure requires all the financing for a project from the offset, creating unnecessary interest costs. Key Implication: Product trends will continue to show a strong home bias due to the 15% cap on overseas investment. Amid limited opportunities for product differentiation, RSP-related products have been gaining some traction among managers as they bid to target blue-collar workers the latter can purchase such products for as little as IDR100,000 a month. However, these products require careful product structuring. For Panin s RSP product, scenarios like investors not following through on payments have been taken into account, and a grace period of three months has been implemented before the embedded insurance lapses. While the size of RSP products is relatively small, with some managers attracting only around IDR8 billion to IDR9 billion a month, Cerulli believes these products certainly have potential. But they will require time and investment into education and distribution to gain wider traction. C A 120 The Cerulli Report Asset Management in Southeast Asia 2013
Company Index Aberdeen Asset Management (Thai)...98 Aberdeen Islamic Asset Management...62, 81, 82 ACB Group...24, 149 Affin Holdings...61 AIA...62 Alliance Investment Management...15, 35, 61 Amanah Mutual...30 Amanah Saham Nasional...63, 79 AmBank Group...61 AmInvestment Services...39, 61, 62, 71, 77, 81 AMMB Holdings...61 Amundi...81 ANZ...34, 128 Ashmore Group...114 AXA-Mandiri...22, 130 Bahana TCW Investment Management...121 Banco de Oro Universal Bank...39, 54, 132, 143 Bangkok Bank...108 Bank Rakyat Indonesia...129 Bao Viet...147 Batavia Prosperindo Aset Manajemen...123 BBL Asset Management...39, 94, 98, 105 BPI Asset Management...39, 54, 132, 143 BRI Syariah...129 CIMB-Principal Asset Management...30, 36, 39, 40, 54, 62, 78, 82, 85, 97 Citibank...128 Commonwealth Bank...128 Credit Agricole...81 Danareksa Investment Management...123 Datamonitor...36, 37 Eastspring Investments...81, 114, 125 ECM Libra Investment Bank...61, 84 First Metro...132 First State Investment...123 Franklin Templeton...37, 77 Generali Group...147 Grepalife Financial...137 The Cerulli Report Asset Management in Southeast Asia 2013 161 C A
Company Index HSBC...34, 128, 147 Hwang Investment Management...37, 39, 62, 65, 81, 82 Hwang-DBS...61 Indo-Premier Investment Management...121 ING Funds...31, 61, 70, 84, 90, 105 Japan Securities...150 KAF Fund Management...15, 35, 61 Kasikorn Asset Management...39, 96, 99, 105, 107 Kenanga Holdings...61 Kenanga Investment Bank...61 Kenanga Investors...31, 61, 84 Kiatnakin Bank...108 Knight Frank Research...78 Krung Thai Asset Management...21, 30, 39, 95, 103 Krung Thai Bank...108 Krungsri Asset Management...98, 105 Kumpulan Sentiasa Cemerlang...77 Kuwait Finance House...17, 43, 83 Lion Global Investors...61, 81 Mandiri Manajemen Investasi...22, 130 Manulife Asset Management (Malaysia)...61, 62 Manulife Asset Manajemen (Indonesia)...17, 43, 44, 123 Maybank Asset Management...61, 77, 78 MB Capital...147, 150, 154 MB Securities...150 MFC Asset Management...39, 94, 97 Military Bank...154 Mirae Asset Global Investment...114 Nikko Securities...125 NISP Asset Management...114 Nomura...81 OCBC Bank...128 One Asset Management...103 Opus Asset Management...77 OSK Holdings...61 OSK-UOB Asset Management...39, 42, 43, 44, 70 Pacific Mutual...61, 81 C A 162 The Cerulli Report Asset Management in Southeast Asia 2013
Company Index Panin Asset Management...39, 120, 123 Permodalan Nasional...63 Phatra Securities...108 Phil AXA...145 Philam Asset Management...39 Philam Life...145 Philequity...143 Phillip Asset Management (Thai)...98 Phillip Securities Indonesia...125 Pru Life...145 Prudential...53 PT Ashmore Asset Management...114 PT Buana Megah Abadi...114 Public Bank...38 Public Mutual...38, 39, 62, 65, 81, 82, 83 RHB Capital...61 RHB Investment Bank...61 RHB Investment Management...30, 62, 82 RHB OSK Asset Management...121 Saigon Securities...147, 151 SCB Asset Management...39, 96, 107 Schroder Investment Management...54, 125, 126 Scorpio Partnership...33, 35 Siam Commercial Bank (SCB)...108 SSI Securities...150 Standard Chartered Bank...33, 35, 128 Sumitomo Life...147 Sun Life Financial Philippines...23, 39, 132, 136, 137, 143, 145 Thanachart Fund Management...40 The Bangkok Mass Transit System Public Company...90 Tisco Asset Management...40 Towers Watson...34 Trimegah Asset Management...15, 35, 36, 123 United Overseas Bank...128 UOB Asset Management (Thai)...90, 105, 108 Viet Long Securities Investment Fund Management...147, 151 VietFund Management...24, 149 The Cerulli Report Asset Management in Southeast Asia 2013 163 C A
Company Index VietinBank...153 Vietinbank Fund Management...153 Vietnam Airlines...157 Vietnam Asset Management Company...147, 154 Vietnam Investment Fund Company...147 Viglacera...157 Vinatex...157 VinaWealth...147, 150 Yuchengco Group...137 C A 164 The Cerulli Report Asset Management in Southeast Asia 2013