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SEC seeks comments on easing rules for asset management firms

The Securities and Exchange Commission (SEC) is seeking public comments on the proposed relaxation of rules governing the investment policy of mutual funds offered for sale to accredited investors – that is, institutional and high net-worth investors.

The aim of the revision is to enhance the competitiveness of asset-management companies and diversify choices of investment for investors with higher risk tolerance.

The draft revision would allow asset-management companies to offer more diversified, complex types of mutual funds similar to those sold in foreign markets, and to introduce investors to more investment opportunities through various types of complex products.

The relaxation would allow mutual funds offered to accredited investors to invest in any types of financial instruments without a company-limit ratio, which is already the case with hedge funds.

Meanwhile, investor qualifications would also be revised to ensure that only accredited investors with matching risk profiles were eligible to invest in higher-risk mutual funds.

The SEC’s public-hearing period ends on November 16.

Asset Bright gets fund to buy Orchid View

Asset Bright, a listed property developer and e-commerce operator, has gained board approval to transfer funds for its purchase of Orchid View, which runs a 25-storey serviced-apartments building, for about Bt650 million.

To finance the transaction, Asset Bright privately issued and placed 645.3 million new shares at Bt0.75 apiece for Bt483.975 million in total.

The proceeds will be used to pay Orchid View’s shareholders for Orchid View shares in return.

After the transfer, Asset Bright will instantly make repayment of Orchid View’s Bt166.025-million debts and Orchid View will terminate its operation.

Based on the planned renovation of the purchased serviced-apartments building, the company expects to earn a good return on its investment. When realising income from the venture, Asset Bright will pay off an accumulated debt of Bt95 million, after which it will book a profit.

Big C funds ‘retail

management’ in VN

French supermarket chain Big C on Wednesday signed agreements with RMIT University Vietnam and the Asian Institute of Technology in Vietnam (AIT-VN) for two retail-management training programmes in 2015-16.

The 12-month “Future Senior Managers” programme is open to candidates with three to five years of work and management experience, while the 10-month “Future Managers” programme is meant for young trainees with less than two years’ work experience. The theory parts will respectively be designed and taught by RMIT and AIT-VN.

Big C will fund the programmes to the tune of more than US$100,000 (Bt3.55 million), besides providing the trainees with on-the-job training and jobs after completion.

– Viet Nam News/Asia News Network