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Tuesday, March 9, 2010

APRDI suggest KPD IDR10 bio

Irvin Avriano A.

APRDI suggest KPD IDR10 bio

JAKARTA: The Association of Mutual Fund Manager Indonesia (Asosiasi Pengola Reksa Dana Indonesia/APRDI) plans to propose a minimum amount of investment in the billateral discretionary fund (kontrak pengelolaan dana KPD) for IDR10 bio.

"We seem to be proposing to IDR10 bio, some capital market players also suggest amount of IDR1 billion or IDR5 billion, but the amount is too small for such product," said Chairman APRDI Abiprayadi Riyanto via short messages service to Bisnis today.

He said the figure is also considered to the minimum in the management of other countries, especially private banking in the US which amounted to US$1 mio. The suggestion of APRDI members, he added, also shows that many fund managers objected to minimum limit of IDR25 billion that already proposed by Bapepam-LK.

Capital Market and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK) proposed a minimum investment in the KPD which will be regulated in the draft regulations V.G.6. worth IDR25 billion.

The rules would restrict the Investment Manager's Customer Fund Management Guidelines Based on the Fund Management Agreement of Bilateral and Individual.

Currently, the draft regulations already published and is awaiting final responses from market participants to immediately validated.

These regulations, which will restrict for the very first time, will manage the contract asset management services for customers which after this times only based on of agreement between two parties and are dependent only on a single contract.

Such investment products is a old form and embryo in the investment manager industry before the mutual fund scheme formed in late 1990's.

However, because there are no signs that restrict the product altogether, investors are not limited by acknowledgement of capital market investment products. These kind of investors are often disadvantaged because they do not know the risks.

In addition, the product is also often combined for a few dozen investors so that its mass with a minimum value of investment in small quantities.

Abiprayadi explains the association sees rate minimum investment IDR5 bio that has been one of a discourse is too small, so the APRDI do not agree with such a small scale because of the potential use too many investors.

Association, he said, had held a meeting related to the proposal at the end of last week, but have not settled on a final proposal to be submitted to Bapepam-LK.

He is also considered a plan asset recording and storage of the KPD, which will be given the name of customer funds management (pengelolaan dana nasabah/PDN) term, the custodian bank and the notary will make the product more secure and assured for customers who will invest.

Chairman of Bapepam-LK Ahmad Fuad Rahmany said the authority closed the possibility of decreasing the minimum investment to IDR5 billion because it was too small and are considered safe for acts of market participants.

"We want investors who will be able to access the KPD products only big investors and whose understand the risks, if they can not afford it, they will be better invest in mutual funds."

Legislation and Legal Assistance Bureau Chief of Bapepam-LK Robinson Simbolon said even the last time limit set on March 4, the authority still wait for the proposed draft regulations from APRDI.

"We're still waiting for the association [APRDI], if they do not enter, we will check the proposal from others the mutual fund industry doer firstly. It is no matter if they [APRDI] are late, because of [their proposal] is important."


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