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Monday, January 4, 2010

Manulife Aset Manajemen's fund sales banned

Irvin Avriano A.
Bisnis Indonesia

Manulife Aset Manajemen's fund sales banned

JAKARTA: PT Manulife Aset Manajemen Indonesia affected by the sanctions to pending the sale of mutual fund products because two from the three company directors had resignation request.

Some Bisnis sources said the two company directors who resigned are Denny Rizal Thaher who served as president director and Li Ming Suryaputra who served as director.

"Denny Thaher already sent a letter of resignation from the company since mid-December," said one source of Bisnis recently. Another source said the director of the other Manulife Asset Management, Li Ming Suryaputra resigned before the Christmas holidays in 2009.

Investment Management Bureau Chief of Capital Market Supervisory Agency and Financial Institution (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK) Djoko Hendratto, whose charge of investment managers (MI) and mutual fund products, confirmed the suspension of sales of the company.

He said the capital market authority will seek clarification from the company related to the resignation of company's directors. Djoko also explains the capital market authority has accepted the resignation request from Denny Thaher since two weeks ago.

"We are to review the reasons of his resignation as a director of a company, we need to know the reason why."

He explained the company can resell the company's mutual funds after receiving a replacement of the old director board. When trying confirmed, Denny Thaher not willing to comment because he was on vacation.

Manulife Aset Manajemen Director Raymond Gin and Marketing Communication Manulife Aset Manajemen Djie Polin did not respond to short message service and e-mail that was sent.

Mutual fund sales problems into a coaching sanctions for companies who only have less than two directors. This is required by Undang-undang No.40/2007 on Limited Companies (Perseroan Terbatas/PT) and the rules of Bapepam-LK No.V.A.1 about Securities Company License.

Chairman of Bapepam-LK Fuad Rahmany added, the authority also recently revoked the relaxation of the mutual fund regulations in mid-December 2009 due to rate easing were no longer significant in the mutual fund industry. The relaxation enacted to deal with the economic crisis that occurred since 2008.

He considered the relaxation effect of capital market authority is not too late, even though the Bapepam-LK' relaxation launched in May 2009 while the stock market crisis occurred since October 2008.

Bapepam-LK at the end of last year has also opened the door for a new license after vacuum since 2007. This is poured into the new regulations concerning Licensing No.VA3 Securities Companies Who Doing Business Investment Manager Activities.

The capital market authority also provide transition time for 1 year to 2 years for MI who still manages funds through KPD (kontrak pengelolaan dana /discretionary fund) schemes. Previously, KPD schemes are considered banned because it don't comply with the rules of Bapepam-LK. The schemes will be changed so that the scheme will be limited funds (private equity fund/reksa dana penyertaan terbatas/RDPT) who are more secure.

"We also intend to reset the definition RDPT and KPD," said Djoko.

In addition, Bapepam-LK also approved the regulations No.V.D.11 about the Guidelines for the Implementation Functions of Investment Manager and the rules No.VIII.C.4 about Assessment Guidelines and Presentation Property Valuation Reports in Capital Market.

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