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Indosuez Asia’s Decade of Achievement
TEN years since II* founding tn Hong Kong tn 1982. Indosuez Asia Investment Services Limited (ISA13I continues to break new ground and set new records.
In June 1980. Banque Indosues. the parent of ISA IS acquired the United Kingdom based Gartmore Investment Limited., which led to the creation of the Gartmore Indosucx Group
As a result, the business of Gartmore Fund Managers (Ear East) Limited was merged with the business of Indosucs Asia Investment Services Limited. With thia merger. ISAIS added 12 unit trusts to its comprehensive range of investment products and services
On January 3 this year. ISAIS launched the industry s flrat open-ended country fund In Koren, and is awaiting au thorlsatton for the fund from the Hong Kong Securities and Futures Commission
A China country fund, the US 825 million Shanghai Fund, is ready for launch. A third fund dealing with derivatives is also due to be introduced shortly
The Korea Fund and other Initiatives are very much In the ISAIS tradition of pioneering country funds, explains Salim Chaar. ManaglngrDtreclor and Chief Executive of Indosucx Asia Investment Services Limited "Wc believe In the growth potential of the Asia-Pacific region and the emerging markets tn this area.
No other geographic region today offers the kind of Investment opportunities which countries tn this area do. We know this region, we specialise In ft. We have an excellent record In researching and understanding the economies of thia region and the companies which offer value.
No less, we have been at the forefront in creating new products and services lo help our clients lock Into the opportunities in this region. Wc maintain very close links with our institutional and private clients." notes Chaar. who was named Managing Director in October 1991, having earlier served ISAIS as Chief Operating Officer.
Since the merger between ISAIS and Gartmore Fund Managers (Far East) Limited. Chaar says all Gartmore's opcrallons In Hong Kong have been Integrated with ISAIS opera ttona.
ISAIS ha* ten Fund Managers with the division headed by Jerctay Higgs who is the Director of Investments Salim Chaar gives the ISAIS fund management team the highest marks.
He note*; "Their combined experience tn the Atta-Pacific region is one of our fundamcn-tal strengths. It la this expert ence which enabled them lo weather some really tough time* over the last few years
There was the crash of 87. the events following the Tiananmen situation, and the impact on the markets of the Gulf War. The knowledge and professionalism of our fund management team made It possible for us lo move forward
even in those tough times."
Since Its founding ten year* ago. Indosuez has pioneered country funds in Thailand. Indonesia. Malaysia. Phill ppines, the Indian subcontinent. and Korea.
It is this sharp focus on the region, the launching of inno vative new products, the highly professional quality of its services and outstanding performance. which has enabled ISAIS to become one of the most dynamic and successful fund and asset management institutions in the Asia-Pacific region over the last ten years.
A fair measure of how well this strategy has worked 1s that from USS 134 million under management In 1985. ISAIS today manages over US81.1 billion, an increase of 646%.
"Our target.' explains Chaar. "is lo have US$3.5 billion between under management by 1995".
Indosuez Asia Investment Services Limited has a broad range of institutional clients which include Hong Kong pension funds. North American, Scandinavian and Swiss institutions. Japanese insurance companies and many high net worth clients in Asia and Europe.
"Our success." explains Salim Chaar. "is due not only to the fact that we have pioneered country fund* tn the emerging market* In thia region
The quality and depth of the research we undertake, and the cumulative understanding of. and experience In. the Asia Pacific region of our senior Fund Manager* are equally Important factors"
Investment* Director Jeremy Higg* concur* saying "Our philosophy at Indosuez I* to continue the researching ourselves of those fundamentally attractive companies and the dynamic* of the Asian economic region "
In a scenario Higgs has de vetoped he sees the average GDP growth throughout thia region doubling the more ma ture growth rates of the OECD nations." Notes Higgs. Given
this, we know Asia offer* excellent investment opportunities for those Investors wilting to take a long term view.
For sure there will be some hiccup* along the way. There are elections due In the Philippine* and Indonesia and It is not always easy to'determine what the impact of these event* will be on the invest ment environment.
But one has got to see beyond these events and Judge what the long-term earning* opportunities are going to be like. This is why the research wc undertake and the emphasis we put on It. Is so central to our long-term Investment strategy."
Agruably, ISAIS has one of the best research operations in the industry. Apart from ml-cro-and macro-cconomic studies of the countries in thts region. which Its research arm conducts regularly. ISAIS routinely studies and evaluates every single company whose slock fl invests in.
The team of Fund Manager and their support staff visit companies targeted for investment. These visits involve exhaustive discussions with the management of each com pany. careful evaluation of the product line or service and the company s marketing slralc-gle*
Site visits not on|y enable Fund Managers lo Judge I he quality of the company, but equally important. Ila potential for growth and sustained earn mg*
"We cut out the guesswork with this approach." note* Salim Chaar
The vigorous, dcdkalcd ap proach lo company research and the economic outlook In each country ha* from the car Ucsl days allowed ISAIS to ap proach portfolio construction — asset allocation, sectoral dis trlbullon. core Investments and recommended buys — with an extremely high degree of professionalism
It also allows ISAIS man agers io take a long term view in looking at investment op
lion* for our client*, and Iran scend* the problem* in mar ket* that arc Inherently volatile.
In the final annlycl*. our central concern 1* creating value through investment Into companies with above average earning* growth." Jcrejny Higgs emphasizes.
Looking ahead. ISAIS Managing Director Salim Chaar, is extremely bullish about the potential growth of the economic* In the Asia Pacific region and the oppor lunltlcs for Investment that will surface.
In an upbeat scenario. Chaar says "Growth In real term* In these countries will be around 6% over the next three to five years. Population growth In Asia will add over 500 million new consumers by the end of I he current decade, and per capita Income in the emerging economics will exceed USS 4.000. excluding China.
The per capita will be USS9.000 tn these countries if wc exclude China and Indonesia. The capital markets in each of these countries are gradually opening up to foreign investments. Taiwan and Korea being good example*, and China Is gradually moving towards a market economy."
"China, observes Jeremy Higgs." I* g°lng to be an ex-tremely interesting Investment area in the next year or two. Wc have seen the first B share* successfully launched. We are monitoring and researching China In great depth at the moment.
Hopefully Indosuez will have some news very soon which will allow Investors to play the China equities market.
Wc arc forecasting growth In China at overall 8% for 1992. and much higher for those more dynamic area* in southern China. Here wc are looking at an area of 240 to 250 million people. The potential I* enormous. It is worth recalling when we pioneered the Malacca Fund, the capital! sal ton In the Indonesian stock mnrkct was barely US$1 billion and there were only around 24 listed slock*.
Now lh*v arc over 136 stock*. All thing* being equal there Is no reason whv Shenzhen and Shanghai should not develop similarly.* Higgs observes.
Jeremy Higgs looks at India and the countries of the sub continent a* extremely promising. The dramatic cco nomir reforms Introduced by the Rao government. Higgs notes, is making India a very attractive Investment area by the day
Higgs underlines that ISAIS Is the only foreign fund man age men I company with direct experience of Investing In the Indian equity markets
Noting how diverse Asia I* Salim Chaar explain* that starting from India on the sub continent and moving through lo Thailand and Indochina, the growth triangle (Singapore. Malaysia. Indonesia) in Southeast Asia. China, nnd Northeast A* la, the (actor which stands out is the sustained growth tn the volume of Intra-regional trade. Add* Chaar, The growing Inter regional trade and investments between the Asian countries and Japan exceeded the volume between Japan and the United Stales for the first time tn 1991.
All Aslan economies are moving forward together.
As a result many new and significant opportunities are emerging. ISAIS was and will remain the pioneer for equity investments in Asia."
— EXECUTIVE