Tue, Dec 21, 2010 - Page 12 News List

Taishin targets NT$40bn fund boost

By Crystal Hsu  /  Staff Reporter

Taishin Securities Investment Trust Co (台新投信) aims to boost its fund size to NT$100 billion (US$3.34 billion) over next three years from NT$60 billion, by making a foray into emerging markets such as China and expanding its product lineup, chairman Johnson Chen (陳瓊讚) said yesterday.

Chen made the remarks yesterday while celebrating the investment trust’s acquisition of IBT Asset Management Co (台灣工銀投信).

Chen, a longstanding politician before taking the helm at Taishin, a subsidiary of Taishin Financial Holding Co (台新金控), said the firm aims to distinguish itself from its peers by specializing in emerging market funds.

“I appreciate the opportunity to lead Taishin Securities Investment Trust at this stage of my life,” Chen told a news conference. “I will strive to boost its asset scale to NT$100 billion, from the current NT$60 billion, over the coming three years.”

To that end, Chen said the company would seek to operate government funds, tap into burgeoning retirement funds and focus on emerging market funds.

The company will take note of the growing importance of emerging markets in the world economy when designing its products, Chen said.

Taishin Investment Trust -initiated a China fund targeting small and medium-sized Chinese firms in July this year and is awaiting approval of separate funds for emerging East European and Latin American markets, Chen said.

President Bill Lan (藍新仁) said the company plans to create a new fund each year for the Chinese market.

Taishin Investment Trust operates 19 investment funds and has hired 100 staff, including 20 researchers. After acquiring IBT Asset Management for NT$437.5 million (US$13.7 million) on Saturday, it ranks as the 16th--largest investment trust by market share.

Taishin Financial president Lin Keh-hsiao (林克孝) said the -company will focus more on asset management by providing funds for its investment subsidiary to expand its business at home and in China.

Taishin Investment Trust is set to become more influential following Taiwan’s signing of the Economic Cooperation Framework Agreement (ECFA) with China, as the two sides plan to discuss the exchange of bilateral financial products next year.

Henry Lin (林弘立), chairman of the Securities Investment Trust and Consulting Association, said the association will submit a position paper to the Financial Supervisory Commission before the Lunar New Year, listing rule changes hoped for by investment firms. He declined to elaborate.

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