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Friday, August 28, 2009

Bapepam-LK let the investors buy mutual funds via the Internet, if provided investors know enough

as published in Bisnis Indonesia daily newspaper
Irvin Avriano (21)
Bisnis Indonesia

JAKARTA: Capital Market Supervisory Agency and Financial Institution (Bapepam-LK) allows the purchase of mutual funds through internet facilities, as long as investment management able to provide sufficient understanding to investors.

There is now a mutual fund dealer (Agen Penjual Reksa Dana/Aperd) which provides internet facilities for investors to buy mutual funds that do not need face to face, both when buying products or buying his unit alone. But there is a doubt that those kind of connection not represent the needs of compliance to Bapepam-LK's rule.

Investment Management Bapepam-LK Bureau Chief Djoko Hendratto said the authority does not limit the capital markets recognize the principle of investors (know your client/KYC) only on the purchase of mutual funds or the purchase of prime new mutual funds next.

"The bottom line for investors can obtain quality information together with direct engagement, buying online is fine," he told the press this weekend.

According to Djoko, currently the most important for each investment manager (IM) and the mutual fund dealer that is applying the KYC principle, thus allowing the purchase of mutual funds based on Bapepam-LK's rules No. V.B.4.

Those rules of Sales Agent Securities Investment Fund noted that sales of mutual funds can only be employees who already have a vendor representative permit mutual funds (Wakil Agen Penjual Reksa Dana/Waperd) or the Aperd.

Thus, the rule can be interpreted Waperd has instructed to sell mutual funds directly, by meeting face-to-face, to prospective investors who are interested because the mandate of the Aperd usually a bank, or IM.

However, these rules do not spell out the minimum limit that must be done meeting the investment manager who represented the investment manager representatives (Wakil Manajer Investasi/WMI) or Waperd.

Djoko assess the existing regulations should be more flexible, especially with ease due to technological advances, "So do not be left behind with the development."

President Director of PT Manulife Aset Manajemen Indonesia Denny Rizal Thaher agreed with Djoko. He considered the seller's agent usually has to do screening and documenting KYC risk borrowers at a time.

He explained the purchase of mutual fund transactions in the seller's agent is the extension of the IM, so there should be no risk and KYC screening every purchase of a new mutual fund at the same Aperd.

"I think once screened should, and do not need many times, provided that continued to be updated periodically, for example every year."

Chairman of Mutual Fund Managers Association of Indonesia (Asosiasi Pengelola Reksa Dana Indonesia/APRDI) Abiprayadi Riyanto also agreed with that statement, but he said the KYC screening and assessing the risk profile needs to be done every time when an investor to buy a new mutual fund products.

"Then to top it up no problem [not screened again], but for the new purchase [screening] should still be done."

He considered it as an extension Aperd rights and obligations of some of the MI client, of course, an explanation for the mutual fund product is different from an MI with a mutual fund from another MI.

However, a sales force in the mutual fund industry said the permissibility of purchase through online limited by the interpretation of the statutory agency Bapepam-LK.

According to him, the investment management firm is usually more aware of the technical from the sale of mutual funds online in order to allow the practice.

However, these sources said, usually can be different interpretations of the statutory agencies and the legal aid bureau or the inspection and investigation and should be harmonized to match the sound. (21)

Thursday, August 27, 2009

Asia Securities borer company profits into Rp4, 6 billion this year

as published in Bisnis Indonesia daily newspaper

Irvin Avriano (21)
Bisnis Indonesia

JAKARTA: PT Asia Kapitalindo Securities Tbk target company profits can be increased to Rp4, 6 billion this year, twice the gain in semester I/2009 Rp2, 31 billion.

President Director of Asia Securities Wim Al Fatih said the company's target is from a financial advisor business investment and fund management business division that still pocketed company licensed as an investment manager.

Semester I/2009 unaudited financial statements of the companies showed an increase in Asia Securities recorded a net profit before tax of 11.71%, compared with the same period the acquisition last year of Rp2, 07 billion.

The data also showed the largest increase in company revenue comes from late payment fines assets of 55.98% from Rp1,35 billion in semester I/2008 to Rp2, 11 billion this year. Corporate interest income also increased by 102.44% from Rp231, 35 million to Rp468, 36 million.

"Looks like we will invigorate the business side of the financial advisors, because we value very safe," he told the press this weekend.

He explained from the financial advisers, the company is currently being intensified its efforts to provide these services to companies that are investing in the stock, so the risk is borne by the company is not high.

This, he added, also supported by the recruitment of new analysts by the companies earlier. The action especially those from young new fresh graduated people. In addition to analysts, he said, companies also are running the program the addition of new sales force also comes from college fresh graduates.

He explained the general meeting of shareholders (AGM/RUPS) held Wednesday this week the company, decided ratification Edward Azizy resignation from company directorships. Thus, said Wim, the company board of directors currently consists of himself, Fitriani Komarsari, and Adeleya Laiman.

The decision set the three directors, he said, also supports the separation plan investment managers division into a separate company (spin off) because one of the three directors would be prepared to be the president director of the investment company.

The separation was, he said, to adjust the condition of the company with the revision of Law of the Capital Market No.8/1995 (Undang-undang Pasar Modal) and plan revision rules of Bapepam-LK will follow.

Revision of the Act would require the separation of licensing of investment managers and securities firms that should stand as a separate company.

"There are two possibilities to increase the capital investment manager, is from the holders of existing shares or increase the number of shareholders."

The division of investment managers that currently available, Wim said, now has managed the investor's funds of Rp81, 5 billion, which increased from Rp31, 5 billion at the end of April. He explained the addition of these funds come from fund management contract product (discretionary fund/KPD) company with several institutions.

He continued that his company was now effectively a statement menuggu product equity funds, Asian Equity Fund, which is still processed Bapepam-LK. (21)

Prices and yields SUN predictable horizontal today

Thursday, 27/08/2009 14:29 WIB
Prices and yields predictable horizontal SUN

by: Irvin Avriano

JAKARTA ( Analysts predict bond price conditions and the yield of government debt securities (surat utang negara/SUN) will be relatively flat in trading today due to the difference between the yield values are still very thin and parallel to the natural yield.

"The condition of price and yield are still in line with the theoretical yield of making any movement today is still limited," said bond analyst Kim Eng Securities PT Dian Abdul Hakim in his research today.

He explained that the strengthening of the price of SUN on the third day this week that still had reinforcement of pressure in the range of relative yield 2 basis points (bp) to 3 bp, still not much different from the conditions of the previous day.

According to him, the yield for 10 years tenured instruments are still relatively stable at 10.5% level. In addition, he said, the auction of short-term instruments of BI, including the decline in yield of Bank Indonesia certificates (SBI) and SBI 1 month 3 months assessed the movement will have an impact on short-SUN bertenor in the secondary market.

This sentiment is reinforced by the domestic inflation of August 2009 rate waiting issued on Tuesday next week. Of the global bond market, the U.S. bond market also experienced a strengthening of prices and pushed yields of 1 bp - 2 bp. (tw)

Indorent pay off bonds Rp3, 66 billion

Thursday, 27/08/2009 20:04 WIB
Indorent pay off bonds IDR3.66 bio

by: Irvin Avriano

JAKARTA ( PT CSM Corportama (Indorent) repay part of their I/2004 bond series B bonds and sukuk I/2004 total worth IDR3.66 billion in amortization repayment scheme which is faster than the time maturity of the note.

Based on the announcement of Indonesia Stock Exchange (IDX) No. Peng-00888/BEI.PSU/08-2009 dated August 26th, 2009 today, IDX Head of Debt Listing Division Saptono Adi Junarso said the settlement had been made on August 25th.

The letter refers to the disclosure of information CSM Corporatama and letters from Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indoenesia/KSEI) which states that after the repayment of bonds, series B of Indorent bond I/2004 recorded for IDR80.45 bio at the IDX listing board, while the sukuk ijarah I/2004 IDR77.84 bio.

Indorent approval delays repayment of bonds from investors last year so it can repay the debt this year, from early maturity last year.

The company also received approval from the bond holders to transfer the debt guarantee letter after the replacement of the president directors of Kartika Dianingsih Antono to the hand of Jacobus Irawan earlier this year. (Yn)

Published mutual funds fell to 77 products

Thursday, 27/08/2009 20:11 WIB
Published mutual funds fell to 77 products

by: Irvin Avriano
JAKARTA ( Number of issuance of mutual fund products since the beginning of the years fell to 77 products until yesterday, lower than the same period last year as many as 122 products.

Based on Capital Market Supervisory Agency and Financial Institution (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK) data released today, the capital market authority has provided an effective statement for the 77 mutual funds this year, mostly consisting of mutual funds as much as 64 protected product. The amount is much less than the same period last year as many as 132 protected mutual fund products.

Since the beginning of this month, PT Mandiri Manajemen Investasi obtain effective statement for the six-protected mutual funds, the Independent Protected Regular Income Fund and the Independent 8-12 Protected Bond Dollar Government 2.

In addition, other effective statements obtained protected mutual funds filed PT Nusadana Asset Management, PT CIMB-Principal Asset Management, PT Batavia Prosperindo Asset Management, and PT NISP Securities.

However, the number of mutual funds that have an open-end-subscription type of statement is only effective in equity funds Schroder Indo Equity Fund from PT Schroder Investment Management Indonesia. (Yn)


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