Indosuez in Thai tie-up

INDOSUEZ Asset Management Asia (IAMA) has signed a memorandum of understanding for a joint venture Thai mutual fund company with Interlife Assurance Public Co and the First Bangkok City Bank Co.

The operation, which is still awaiting final approval from the Thai Government, aims to have around US$100 million under management from local investors within 12 months of launch.

IAMA, a wholly-owned subsidiary of the French finance group, Banque Indosuez, will manage the funds with the other two companies providing a distribution network through their combined 120-strong branch network and the insurance company's sales force.

No decision has been made about the name the funds will be marketed under.

The company will have an initial market capitalisation of around $400 million with IAMA owning 25 per cent.

Interlife, which has American insurance giant John Hancock Mutual Life Insurance as one of its major shareholders, and First Bangkok will be the other major shareholders.