THAILAND - The $3bn Government Pension Fund (GPF) in Thailand is considering tendering for a consultant. Although the fund currently uses an in-house team of advisors, the management board is deciding whether a consultant will add value.
Fixed income manager Parn Phong said an investigation into the hiring of a consultant is still in the preliminary stages, adding that the fund may put the brief out to tender at the beginning of 2002, just after it appoints an investment manager for its investment in overseas equities.
Phong explained that the GPF will only be allowed to invest in overseas equities once the government declaration on foreign investment has been passed, “hopefully at the end of this year.” It has not yet been decided how much the fund will invest in overseas equities.
Nine tenths ($2.7bn) of the fund is currently invested in fixed income and 10% ($300m) in domestic equities. The fixed income portfolio is managed by Thai Farmers Asset Management, Bangkok Bank, Siam Commercial Bank, One Asset Management (appointed in April 2001) and Krunt Thai Bank (appointed in June 2001). Domestic equities are currently managed in house.
By Janet Du Chenne
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