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Friday, May 6, 2011

Bapepam-LK revoke Credit Suisse investment manager license

6/5/2011
Irvin Avriano A.

Bapepam-LK revoke Credit Suisse investment manager license

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) finally revoked PT Credit Suisse Investment Management Indonesia investment manager licence.

The revoking license taken from the indirect subsidiary of one of biggest bank in the world: Credit Suisse AG, after at least two years not operate as ordered by the capital market authority.

The revoke also caused by returning licence from the company that commandeered by trio directors: Wahyu Suryadi-Donny Nuriawan-Herdianto Budiarto. The matter was disclosed on Bapepam-LK website yesterday.

Once, the company had formed a capital protected mutual fund around two years ago, but there is no longer information available about the retail investment product.

Rumors in the industry said the investment manager get wrong in business strategy plan, related to Bapepam-LK obligation to every investment manager to formed at least one mutual fund.

The policy contrast with initial company's blue print that they intend just to become a shopping gallery for capital market product, not forming their own mutual fund.

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