213 Spring ASEAN 1. 2. 5.7 ASEAN 3. 3.3 4. 2.4 5. ASEAN 76
1 ASEAN 213 ASEAN 4 ASEAN ASEAN 2 1 1 1 1 1 OECD The Emerging Middle Class in Developing Countries January 21 2 Cerulli Associates Asset Management in Southeast Asia 212 77
213 Spring 1992 Securities and Exchange Act SEC Capital Market Supervisory Board SEC SEC SEC SEC 1 SEC Association of Investment Management Companies securities company SEC 212 23 37 SEC mutual fund supervisor SEC 1 Notification of the Office of the Securities and Exchange Commission No. OrKhor./Nor. 5/2549 Re: Guidelines Relating to Operating Systems of Fund Management Business 78
SEC 2 SEC CFA CISA 3 1987 SEC 211 3 1 7,673 5.7 3 SEC 4 22 5 4 5 2 3 4 5 2 35 CFA CISA 5 3 3 CFA CISA 79
213 Spring 2, 18, 16, 14, 12, 1, 8, 6, 4, 2, 3 21 22 23 24 25 26 27 28 29 21 211 Q1 SEC 4 5 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 7, 6, 5, 4, 3, 2, 1, 22 23 24 25 26 27 28 29 21 11Q1 1, SEC SEC 8 1 4% 27 5 211 212 212 8
213 6 212 1,3 2,65 6 7 15% 5 5 55 IMF 15% 5 5 1% 6 2,5 2, 1,5 1, 5 21 22 23 24 25 26 27 28 29 21 211 212 6 7 Thailand: Asset manager likes stocks in 213 Thai News Service (September 14, 212) 81
213 Spring 8 SEC 2% 1 2 3 4 895 417 1 1,28 21 2 4 1997 1 1 4 25 212 9 2,973 7 8 2 3bp 1975 IFC MFC 1992 8 82
7 8 3,5 3, 2,5 2, 1,5 1, 5 2 21 22 23 24 25 26 27 28 29 21 211 12Q3 2,929 2,368 64 12 444 1,172 9 OTC 561 25 91 247 18 49 1 13 24 2 26 32 2,973 SEC SEC 7 22 47 25 9 SCB 1% 9 BBL TMB 6 77% 1 5 8% K ETF 211 16 9 1992 25 15 1 MFC 25% 17% 25% 4% 83
213 Spring 9 4,653 117 542 1,54 6,852 4,312 264 318 73 5,597 2,234 182 212 1,53 3,681 1,337 236 85 334 1,992 1,39 2 4 118 1,451 799 13 94 96 1,2 683 93 171 752 2,536 525 46 3 196 1,67 42 7 61 12 572 228 181 36 446 1,215 25 225 222 9 661 188-89 - 277 187-5 123 315 178 32 1 35 246 173-329 92 1,422 13 15 5 91 214 99 173 - - 272 3 - - 3 22-25 - 47 3 - - - 3 3-1 - 4 - - - 17,673 2,44 2,973 6,823 29,99 SEC 49% 1% 212 1% 11 1 11 Cerulli Associates Asset Management in Southeast Asia 212 84
1 3.2% 5.% 1.1% 8.3% 82.3% 211 Cerulli Associates Asset Management in Southeast Asia 212 211 Know Your Customer Rule 12 212 SEC Accredited Investor Scheme 5, 4 1, 1 2, 25% 13 5 12 MMF 13 85
213 Spring 15% 2% 212 7 ASEAN 14 SEC D D D SEC 213 3 15 212 6,961 8 11 2 Employee s Choice 27 211 3,348 14 ASEAN 15 28 86
11 8, 7, 6, 5, 4, 3, 2, 1, 24 25 26 27 28 29 21 211 212 12 1 9 8 7 6 5 4 3 2 1 29 21 211 4 35 3 25 2 15 1 5 12 11,249 3% National Savings Fund27 213 3 213 4 16 21 9.9 21 2% 13 212 4% 212 9 1.3% 16 87
213 Spring 13 1, 25 9, 8, 2 7, 6, 15 5, 4, 1 3, 2, 5 1, 1992 1994 1996 1998 2 22 24 26 28 21 MMF SEC Start-To- Invest Securities and Futures ActMAS Regulation Code Code on Collective Investment Schemes authorized scheme 88
recognized scheme 2 SD restricted scheme 17 MMF 18 MAS 212 8 MAS Licensed Fund Management Company Registered Fund Management Company 3 2.5 SD MAS 211 32 SD 2.4 14 17 accredited investor 2 SD 12 3 SD 1, SD 18 Capital guaranteed fund capital protected fund 89
213 Spring 14 SD 45 4 35 3 25 2 15 1 5 24 25 26 27 28 29 21 211 MAS Singapore Asset Management Industry Survey 15 1% 8% 6% 4% 2% SD 4 3 2 1 16 % 21 22 1 26 27 28 29 21 211 212 MMF 2 / MMF MAS Singapore Asset Management Industry Survey IMAS 21 22 15 27 29 16 19 17 25 1/3 1/2 19 MAS 23 Investment Management Association of Singapore IMAS 26 22 / 24 26 9
17 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 24 25 26 27 28 29 21 211 MAS Singapore Asset Management Industry Survey 18 19 SD 16, 14, 12, 1, 15% 1% 13% 2% 41% 8, 6, 4, 2, / MAS Singapore Asset Management Industry Survey MAS Singapore Asset Management Industry Survey MAS 1.3 SD 98.7 18 32 SD 19 7% 213 1 MAS 35 25 826 91
213 Spring 4,12 2 21 MAS 26 18% 24 25% 33% 33% 24 1 SD 132 MAS 2 28 211 4% SD 2 SD 1 8 2 SD 26 19 211 311 718 SD 21 2 1% 5 SD MAS reputable 21 MAS.5% 2SD 92
2 SD 1 213 2 IMAS 21 9 8 7 6 5 4 3 2 1 26 27 28 29 21 211 45 4 35 3 25 2 15 1 5 SD MAS Singapore Asset Management Industry Survey 27 211 77.% 22 93
213 Spring 22 7.2% 2.2% 13.6% 77.% 27 Cerulli Associates Asian Distribution Dynamics 27 22 MAS MAS profile statement MAS 23 Central Provident Fund CPF Central Provident Fund Investment Scheme CPFIS CPF 24 CPF 2.5% 213 4% 22 representative 23 12 5 2 24 94
CPF 6 SD 2 SD 1% CPFIS CPF 6 SD 2 SD 4 SD CPF Central Provident Fund Board CPFB ETF 3 ETF 25 CPFIS 21 CPF 2,32 SD 284 SD 23 CPF 5% CPFB CPF CPFIS CPFIS CPFIS CPFIS 18 CPFIS 2% 24 116 1 23 CPF CPFIS 24 CPFIS SD 2,5 2, 1,5 1, 5 23 24 25 26 27 28 29 21 211 212 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 23 24 25 26 27 28 29 21 211 212 CPF CPFIS CPFB CPFB 25 CPF 35% ETF 1% 95
213 Spring SD 8, 7, 6, 5, 4, 3, 2, 1, 25 2 25 26 27 28 29 21 Department of Statistics Singapore 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 26 2 25 26 27 28 29 21 CPF Department of Statistics Singapore 5 26 21 2 6,943.3 SD 25 13.7 SD 1, 2% 26 27 Capital Markets and Services Act 27 1993 26 212 9 IMAS 27 REIT ETF 96
Federation of Investment Managers Malaysia 27 Computerised Unit Trust Examination CUTE 28 29 27 3 27 IUTA CUTA 31 CUTE 211 22 211 4 2 SRI 32 2 211 12 211 22 28 212 2 29 Malaysian Association of Asset Managers 3 1 31 IUTA CUTA 32 2 22 97
213 Spring 33 34 29 restricted investment scheme qualified investor 3 1, 35 MMF 36 37 6 7% 198 33 34 35 5 36 212 923 817 89% 64% 37 28 98
199 38 212 3,474 1.8 27 2 27 22 8,279 1,58 211 1,57 3.3 28 39 29 ETF 213 1 5 ETF 1 REIT 16 27 4, 3,5 3, 2,5 2, 1,5 1, 5 25 26 27 28 29 21 211 212 38 12 18 39 1,283 99
213 Spring 28 1,2 1, 8 6 4 2 27 28 29 21 211 MMF ETF 211 6 ETF 4 REIT 7 6 5 4 3 2 1 1 2 3 29 27 28 29 21 211 MMF 211 Cerulli Associates Asset Management in Southeast Asia 212 16 REIT 4 5% 1% 211 385 5 6% 5 8% 1959 4 REIT REIT REIT 1
2 4 1978 1979 213 1 41 1 84% 3 211 184 2 CIMB 43 4 1% 7% 41 1% 216 3 EPF-MIS PRS Cerulli Associates Asset Management in Southeast Asia 212 41 Foreign Investment Committee 3% 11
213 Spring 31 remisier 211 IUTA 43 IFA CUTA 7 9,157 51,237 6,394 36,54 6% RHB CUTA 27 31 18.% 11.7% 53.2% 17.2% 211 Cerulli Associates Asian Distribution Dynamics 27 12
Employees Provident Fund EPF EPF Members Investment Scheme EPF-MIS Private Retirement Scheme PRS EPF-MIS CPFIS PRS 42 EPF 1952 1991 212 1,358 638 5.3 211 4,692 5, 11% 13% 5, 11% 12% 7% 1 55 3% 2 2.5%212 6.15% 9% 1% EPF-MIS 1996 1 basic savings 32 43 2% 42 PRS PRS 28 43 55 12 3% EPF 4% EPF 23% 1 5.5 2%28 5 13
213 Spring 3 1 2.5 1.8 2% 1,4 EPF- MIS 29 211 66 EPF-MIS 1 33 213 3 28 1 3 26 96 5 28 MMF31 1 EPF-MIS 2.5% EPF-MIS 28 3% PRS 212 1 EPF PRS 27 212 7 Private Pension Administrator PRS PRS 44 34 EPF 32 1 5 EPF 33 EPF-MIS 7 6 5 4 3 2 1 27 28 29 21 211 EPF 44 14
34 PRS 7% A 3% 1 B 45 PRS PRS 213 3 8 4 1 3 5 CIMB PRS 2 PRS 22 39 211 1.5 35EPF 36 16% 2 21 18% 22 34% 1 2 Your Investment, Your Rights, Your Responsibilities 45 212 1 3, EPF 19% 15
213 Spring 35 36 16, 14, 16% 16% 32% 12, 1, 3% 6% 8, 6, 4, 2, 27 28 29 21 211 211 Bank Negara Malaysia Financial Stability and Payment Systems Report 212 EPF 211 Bank Negara Malaysia Financial Stability and Payment Systems Report 212 Securities Industry Development Corporation SIDC Malaysian Investor 1 ASEAN ASEAN ASEAN 16
UCITS 21 APEC 21 1 11 APEC 46 211 3 212 UCITS ASEAN ASEAN ASEAN Capital Markets Forum ASEAN AEC 215 AEC 29 ASEAN Implementation Plan 215 47 212 215 SEC ASEAN MAS 212 4 ASEAN ASEAN 48 215 ASEAN ASEAN ASEAN 46 Asia Region Funds Passport: The Future of the Funds Management Industry in Asia 47 212 48 Dechert LLP An ASEAN Funds Passport? September 27, 212 17