THE CERULLI REPORT

Asset Management in Southeast Asia 2013Gaining Breadth and Depth

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The Cerulli Report

‘13

THE CERULLI REPORT

164 pages, 103 exhibits

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 maymake opportunities more prevalent. This report provides the insightnecessary to build on existing strategies or develop new ones.

This year’s report also includes three key region-wide themes: retailopportunities arising from a greying population, external productthreats, and strategies for competing in the mutual fund landscape.

Data is from proprietary surveys conducted with asset managers inmarkets 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).

• Comprehensive distribution analysis

• Proprietary forecasts for assets under management

• Identification of best point of entry in each market

• Unique fee analysis

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 movingtowards open architecture?

3. What is the outlook for market size and growth?

4. How can foreign managers penetrate these markets given thehighly captive distribution?

5. How likely are local managers to work with external managersin 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?

Questions Answered

Overview

Benefits

TO PURCHASE

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Key Questions Answered.................................................................................................................................................................13What is the outlook for private retirement schemes in the region, and what retail opportunities might potentially arise? ............................................13What are the potential threats existing externally on the products front, and what opportunities are present against that backdrop?.........................15What 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 ........................................................................................................................26Exhibit 1.01. Pension Coverage Rates of Selected Countries in Asia, 2012.................................................................................................................26Exhibit 1.02. Snapshot of Private Retirement-Related Products in Southeast Asia ......................................................................................................28Exhibit 1.03. Thai Retirement Mutual Funds and Long-Term Equity Funds, 2008–2012 ..............................................................................................29

Chapter 2: Competing Products .....................................................................................................................................................32Exhibit 2.01. Southeast Asian Mutual Fund Assets Under Management Marketshare by Investment Objective, 2008–2012......................................32Exhibit 2.02. Real Estate Returns for Selected Southeast Asian Countries, 2010–2012..............................................................................................33Exhibit 2.03. Malaysian Wholesale Funds Assets Under Management, 2009–2012 ....................................................................................................36

Chapter 3: Strategy ..........................................................................................................................................................................38Exhibit 3.01. Cerulli Survey Respondents’ Views on Their Plans to Work with External Managers for New Funds, 2013 ...........................................40Exhibit 3.02. Largest Feeder Funds in Southeast Asia by Assets Under Management, 2012 ......................................................................................41Exhibit 3.03. Top and Bottom 10 Recently Launched Funds in Southeast Asia by Net New Flows, 2012....................................................................42

Chapter 4: Regional .........................................................................................................................................................................45Market SizingExhibit 4.1.01. Southeast Asian Mutual Fund Assets Under Management by Country, 2008–2012 .............................................................................46Exhibit 4.1.02. Southeast Asian Household Financial Assets and Mutual Fund Penetration Rate, 2007–2011............................................................47

ProductExhibit 4.2.01. Southeast Asian Mutual Fund Net New Inflows, 2008–2012 ................................................................................................................48Exhibit 4.2.02. Southeast Asian Mutual Fund Assets Under Management Marketshare by Investment Objective, 2008–2012...................................49Exhibit 4.2.03. Cerulli Survey Respondents’ Views on Products’ Ability to Raise Assets in 2013.................................................................................50Exhibit 4.2.04. Cerulli Survey Respondents’ Views on Their Plans to Work with External Managers for New Funds, 2013 ........................................51Exhibit 4.2.05. Cerulli Survey Respondents’ Feeder Funds Product Plan, 2013 ..........................................................................................................52Exhibit 4.2.06. Cerulli Survey Respondents’ Views on Which Product Poses the Greatest Threat to Their Products’ Ability to Raise Assets, 2013 ...53

PlayersExhibit 4.3.01. Largest 20 Mutual Fund Managers in Southeast Asia ex-Singapore, 2012 ..........................................................................................54

DistributionExhibit 4.4.01. Southeast Asian Mutual Fund Assets Under Management by Distribution Channel, 2010–2012.........................................................55Exhibit 4.4.02. Cerulli Survey Respondents’ Views on the Importance of Distribution Channels to Their Assets Under Management and Profitability, 2013 ...........................................................................................................................................................................................................56Exhibit 4.4.03. Cerulli Survey Respondents’ Views on How They Are Changing Their Relationship with Existing Distributors, 2013..........................57

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Projections and OutlookExhibit 4.5.01. Cerulli Survey Respondents’ Views on Changes to Their Firm’s Cost Structure, 2010–2015E ............................................................58Exhibit 4.5.02. Cerulli Survey Respondents’ Views on How the ASEAN Funds Passport will Influence Fund Raising in 2013....................................59Exhibit 4.5.03. Projected Southeast Asian Mutual Fund Assets Under Management by Country, 2012–2017E ..........................................................60

Chapter 5: Malaysia .........................................................................................................................................................................61Market SizingExhibit 5.1.01. Malaysian Mutual Fund Assets Under Management, 2008–2012.........................................................................................................63Exhibit 5.1.02. Malaysian Mutual Fund (ex-Bumiputra) Assets Under Management, 2008–2012 ................................................................................64

ProductExhibit 5.2.01. Malaysian Mutual Fund Net New Inflows, 2008–2012 ..........................................................................................................................65Exhibit 5.2.02. Malaysian Mutual Fund Assets Under Management Marketshare by Investment Objective, 2008–2012 ............................................66Exhibit 5.2.03. Malaysian Mutual Fund Assets Under Management by Geographical Focus, 2008–2012...................................................................67Exhibit 5.2.04. Cerulli Survey Respondents’ Mutual Fund Assets Under Management by Structure, 2010–2012 .......................................................68Exhibit 5.2.05. Funds of Funds in Malaysia by Assets Under Management, 2012 .......................................................................................................69Exhibit 5.2.06. Largest 10 Feeder Funds in Malaysia, 2012 (Part 1) ............................................................................................................................70Exhibit 5.2.06. Largest 10 Feeder Funds in Malaysia, 2012 (Part 2) ............................................................................................................................71Exhibit 5.2.07. Cerulli Survey Respondents’ Views on Their Plans to Work with External Managers for New Funds in 2013 .....................................72Exhibit 5.2.08. Malaysian Islamic Assets by Fund Type, 2008–2012............................................................................................................................73Exhibit 5.2.09. Cerulli Survey Respondents’ Views on the Percentage of Firm’s Assets Under Management Being Islamic in 2012 and in 2015E,2013 ..............................................................................................................................................................................................................................74Exhibit 5.2.10. Malaysian Wholesale Fund Assets Under Management, 2009–2012...................................................................................................75Exhibit 5.2.11. List of Wholesale Funds in Malaysia, 2012 (Part 1) ..............................................................................................................................76Exhibit 5.2.11. List of Wholesale Funds in Malaysia, 2012 (Part 2) ..............................................................................................................................77Exhibit 5.2.12. Cerulli Survey Respondents’ Views on Products’ Ability to Raise Assets in 2013.................................................................................78Exhibit 5.2.13. Cerulli Survey Respondents’ Views on Which Product Poses the Greatest Threat to Their Products’ Ability to Raise Assets, 2013 ...79Exhibit 5.2.14. Malaysia Fee Analysis, 2012.................................................................................................................................................................80

PlayersExhibit 5.3.01. Largest 10 Mutual Fund Managers in Malaysia, 2010–2012 ................................................................................................................81Exhibit 5.3.02. Largest 10 Managers of Malaysia-Domiciled Islamic Funds, 2011–2012 .............................................................................................82

DistributionExhibit 5.4.01. Malaysian Mutual Fund Assets Under Management by Distribution Channel, 2010–2012 (Part 1)......................................................83Exhibit 5.4.01. Malaysian Mutual Fund Assets Under Management by Distribution Channel, 2010–2012 (Part 2)......................................................84Exhibit 5.4.02. Cerulli Survey Respondents’ Views on the Importance of Distribution Channels to Their Assets Under Management and Profitability, 2013 ...........................................................................................................................................................................................................85Exhibit 5.4.03. Cerulli Survey Respondents’ Views on How They Are Changing Their Relationship with Existing Distributors, 2013..........................86

Projections and OutlookExhibit 5.5.01. Cerulli Survey Respondents’ Views on Changes to Their Firm’s Cost Structure, 2010–2015E ............................................................87Exhibit 5.5.02. Cerulli Survey Respondents’ Views on How the ASEAN Funds Passport Will Influence Fund Raising in 2013...................................88Exhibit 5.5.03. Projected Malaysian Mutual Fund Assets Under Management, 2012–2017E ......................................................................................89

Chapter 6: Thailand..........................................................................................................................................................................90Market SizingExhibit 6.1.01. Thai Mutual Fund Assets Under Management, 2008–2012 ..................................................................................................................92Exhibit 6.1.02. Thai Private Fund Assets Under Management, 2008–2012..................................................................................................................93Exhibit 6.1.03. Thai Provident Fund Assets Under Management, 2008–2012..............................................................................................................94

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ProductExhibit 6.2.01. Thai Mutual Fund Net New Inflows by Investment Objective, 1H 2010E–2H 2012E ............................................................................95Exhibit 6.2.02. Thai Mutual Fund Assets Under Management Marketshare by Investment Objective, 2008–2012......................................................96Exhibit 6.2.03. Number of Foreign Investment Funds by Structure, 2008–2012...........................................................................................................97Exhibit 6.2.04. Retirement Mutual Funds and Long-Term Equity Funds, 2008–2012...................................................................................................98Exhibit 6.2.05. Cerulli Survey Respondents’ Views on Products’ Ability to Raise Assets in 2013.................................................................................99Exhibit 6.2.06. Cerulli Survey Respondents’ Private Fund Assets by Geographical Focus, 2010–2012 ....................................................................100Exhibit 6.2.07. Cerulli Survey Respondents’ Views on Their Plans to Work with External Managers for New Funds, 2013 ......................................101Exhibit 6.2.08. Thai Mutual Fund Fees, 2012..............................................................................................................................................................102Exhibit 6.2.09. Cerulli Survey Respondents’ Views on Which Product Poses the Greatest Threat to Their Products’ Ability to Raise Assets, 2013 .103

PlayersExhibit 6.3.01. Largest 10 Fund Managers in Thailand, 2010–2012 (Part 1)..............................................................................................................104Exhibit 6.3.01. Largest 10 Fund Managers in Thailand, 2010–2012 (Part 2)..............................................................................................................105Exhibit 6.3.02. Thai Overseas Fund Assets Under Management by Fund Manager, 2010–2012 (Part 1)..................................................................106Exhibit 6.3.02. Thai Overseas Fund Assets Under Management by Fund Manager, 2010–2012 (Part 2)..................................................................107

DistributionExhibit 6.4.01. Thai Mutual Fund Assets Under Management by Distribution Channel, 2010–2012 ..........................................................................108Exhibit 6.4.02. Cerulli Survey Respondents’ Views on the Importance of Distribution Channels to Their Assets Under Management and Profitability, 2013 .........................................................................................................................................................................................................109Exhibit 6.4.03. Cerulli Survey Respondents’ Views on How They Are Changing Their Relationship with Existing Distributors, 2013........................110

Projections and OutlookExhibit 6.5.01. Cerulli Survey Respondents’ Views on Changes to Firms’ Cost Structure, 2010–2015E....................................................................111Exhibit 6.5.02. Cerulli Survey Respondents’ Views on How the ASEAN Funds Passport will Influence Fund Raising in 2013 ..................................112Exhibit 6.5.03. Projected Thai Mutual Fund Assets Under Management, 2012–2017E..............................................................................................113

Chapter 7: Indonesia .....................................................................................................................................................................114Market SizingExhibit 7.1.01. Indonesian Mutual Fund Assets Under Management, 2008–2012......................................................................................................115Exhibit 7.1.02. Shariah Fund Assets Under Management, 2008–2012.......................................................................................................................116

ProductExhibit 7.2.01. Indonesian Mutual Fund Net New Inflows, 2008–2012 .......................................................................................................................117Exhibit 7.2.02. Indonesian Mutual Fund Assets Under Management by Investment Objective, 2008–2012 ..............................................................118Exhibit 7.2.03. Indonesian Shariah Funds by Investment Objective, 2008–2012 .......................................................................................................119Exhibit 7.2.04. Cerulli Survey Respondents’ Views on Products’ Ability to Raise Assets in 2013...............................................................................120Exhibit 7.2.05. Cerulli Survey Respondents’ Views on Which Product Poses the Greatest Threat to Their Products’ Ability to Raise Assets, 2013 .121Exhibit 7.2.06. Indonesian Mutual Fund Fees, 2012...................................................................................................................................................122

PlayersExhibit 7.3.01. Largest 10 Mutual Fund Managers in Indonesia, 2010–2012 .............................................................................................................123Exhibit 7.3.02. Foreign-Owned Indonesian Fund Manager Assets Under Management, 2010–2012 (Part 1) ...........................................................124Exhibit 7.3.02. Foreign-Owned Indonesian Fund Manager Assets Under Management, 2010–2012 (Part 2) ...........................................................125

DistributionExhibit 7.4.01. Indonesian Mutual Fund Assets Under Management by Distribution Channel, 2010–2012 ...............................................................126Exhibit 7.4.02. Cerulli Survey Respondents’ Views on How They Are Changing Their Relationship with Existing Distributors in 2013.....................127Exhibit 7.4.03. Total Commercial Banking Assets and Third-Party Deposits in Indonesia, 2008–2012 ......................................................................128Exhibit 7.4.04. Total Islamic Commercial Banking Assets in Indonesia, 2008–2012...................................................................................................129Exhibit 7.4.05. Indonesian Unit-Linked Insurance Investment Assets, 2007–2011 .....................................................................................................130

Projections and OutlookExhibit 7.5.01. Projected Indonesian Mutual Fund Assets Under Management, 2012–2017E...................................................................................131

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Chapter 8: The Philippines ............................................................................................................................................................132Market SizingExhibit 8.1.01. Snapshot of Regulatory Changes in Philippine Asset Management Industry, March 2013 (Part 1)....................................................134Exhibit 8.1.01. Snapshot of Regulatory Changes in Philippine Asset Management Industry, March 2013 (Part 2)....................................................135Exhibit 8.1.02. Philippine UITF and Mutual Fund Assets Under Management, 2008–2012 .......................................................................................136

ProductExhibit 8.2.01. Philippine Mutual Fund Net New Inflows by Investment Objective, 2008–2012 .................................................................................137Exhibit 8.2.02. Philippine Mutual Fund Assets Under Management Marketshare by Investment Objective, 2008–2012 ...........................................138Exhibit 8.2.03. Philippine UITF Assets Under Management Marketshare by Investment Objective, 2008–2012 .......................................................139Exhibit 8.2.04. Philippine Investment Fund Fees, 2012 ..............................................................................................................................................140Exhibit 8.2.05. Philippine Special Deposit Accounts Asset Size, 2008–2012 .............................................................................................................141

PlayersExhibit 8.3.01. Top 10 Philippine Mutual Fund and UITF Managers by Assets Under Management, 2010–2012 (Part 1) .........................................142Exhibit 8.3.01. Top 10 Philippine Mutual Fund and UITF Managers by Assets Under Management, 2010–2012 (Part 2) .........................................143

DistributionExhibit 8.4.01. Largest 10 Banks in the Philippines by Trust Accounts and Deposits, 2012.......................................................................................144Exhibit 8.4.02. Largest 5 Philippine Life Insurance Companies by Variable Universal Life Insurance Products’ Total Premium Income, 2011 .........145

Projections and OutlookExhibit 8.5.01. Projected Philippine UITF and Mutual Fund Assets Under Management, 2012–2017E.....................................................................146

Chapter 9: Vietnam........................................................................................................................................................................147Market SizingExhibit 9.1.01. Closed-End Public Fund Assets Under Management, 2008–2012 .....................................................................................................148

ProductExhibit 9.2.01. Closed-End Public Fund Performance, 2012 ......................................................................................................................................149Exhibit 9.2.02. Open-End Funds in Vietnam, March 2013 ..........................................................................................................................................150Exhibit 9.2.03. List of Member Funds in Vietnam, 2012..............................................................................................................................................151

PlayersExhibit 9.3.01. List of Fund Management Companies in Vietnam, 2012 (Part 1)........................................................................................................152Exhibit 9.3.01. List of Fund Management Companies in Vietnam, 2012 (Part 2)........................................................................................................153

DistributionExhibit 9.4.01. Number of Banks in Vietnam, 2012.....................................................................................................................................................154Exhibit 9.4.02. List of Securities Companies in Vietnam, 2012 (Part 1) ......................................................................................................................155Exhibit 9.4.02. List of Securities Companies in Vietnam, 2012 (Part 2) ......................................................................................................................156Exhibit 9.4.02. List of Securities Companies in Vietnam, 2012 (Part 3) ......................................................................................................................157

Appendix ........................................................................................................................................................................................158List of Public Funds in Vietnam, 2012 .........................................................................................................................................................................158

Glossary ..........................................................................................................................................................................................159

Company Index ..............................................................................................................................................................................161

Methodology

Methodology

The Cerulli Report: Asset Management in Southeast Asia 2013 is an analysis of asset management trends in Malaysia, Thai-land, Indonesia, the Philippines, and Vietnam. Singapore data has been included in the regional chapter for purposes of com-parison 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’sdeveloped and developing asset management marketplaces. Cerulli believes that Southeast Asian countries will continue towiden their influence within Asia, a region which in the long run will probably represent the largest mutual fund marketplace inthe world outside of the United States.

Report FocusThe following pages focus on several key areas in Southeast Asia’s asset management industry: market sizing, product devel-opment, distribution strategies, competitive analysis, projections, key regulatory developments, and investor behavior. This year’sreport 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 ResearchWhile 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 intwo 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 informedassessment 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 re-gion. This is a bottom-up survey to understand the relationship between asset management firms and their clients. Cerulli ispleased to say that close to 60 highly focused and in-depth research meetings and conference calls were conducted with assetmanagers, 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 toallow 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 especiallygrateful 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 CA

Methodology

12 The Cerulli Report • Asset Management in Southeast Asia 2013CA

▪ 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

Sample Section From:

The Cerulli ReportAsset Management in Southeast Asia 2013:

Gaining Breadth and Depth

Thailand

▪ 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 onlyfund 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. Theyare 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 currentbatch 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 Thaibaht, 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 whenthe products are pitched to clients.

EXHIBIT 6.2.03

Number of Foreign Investment Funds by Structure, 2008–2012Sources: 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.

206

437 471

253 241

63

8985

93 15713

1624

2123

282

542580

367421

0

100

200

300

400

500

600

700

2008 2009 2010 2011 2012

Through direct investment Through feeders Through funds of funds

The Cerulli Report • Asset Management in Southeast Asia 2013 97

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Indonesia

▪ 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. Dis-cretionary funds follow right behind equity funds. This reflects managers’ continued commitment to manage institutional assets, often seen as an avenue forbrand 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 fundhouses 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 Managementin 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 ofthis 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, pricesare 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, dueto 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 cor-responding to project milestones. In contrast, acquiring funding through the RDPT structure requires all the financing for a project from the offset, creating unnecessaryinterest 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 asIDR100,000 a month. However, these products require careful product structuring. For Panin’s RSP product, scenarios like investors not following through on paymentshave 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 rel-atively small, with some managers attracting only around IDR8 billion to IDR9 billion a month, Cerulli believes these products certainly have potential. But they will requiretime and investment into education and distribution to gain wider traction.

EXHIBIT 7.2.04

Cerulli Survey Respondents’ Views on Products’ Ability to Raise Assets in 2013Source: Cerulli Associates

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

Fixed-income funds with overseas exposure

ETFs (or funds feeding into ETFs)

Property funds/REITS

RDPT funds

Local fixed-income funds

Islamic funds

Regular savings products (Installment funds)

Capital-protected funds

Discretionary/Private placement funds

Equity funds with overseas exposure

Local equity/balanced funds

(5=Greatest ability, 1=Least ability)

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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

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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

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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

164 The Cerulli Report • Asset Management in Southeast Asia 2013CA

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