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NEWS UPDATES 17 October 2009

UK bank brings Asia fund back to Brunei

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Standard Chartered Bank said Friday it is bringing back an Asia-centric long-term investment fund to Brunei now that the region is seen to recover, and even outpace bigger economies after the global financial crisis stalled growth, reported a local newspaper.

The bank introduced the fund to its customers and associates yesterday at a product briefing seminar. The investment fund is targeted at investments in Asia only and is managed by UOB Asset management, a member of the United Overseas Bank Group.

The fund is registered and licensed for distribution by the Brunei International Financial Centre and will give customers and investors an opportunity to leverage on and take advantage of the growth in Asia.

UOB Asset Management "believes that the Asia market will bounce back after the economic downturn, and that it will expand better than the Western and European countries, so that is why we took on this fund too," the Brunei Times quoted Eng Siok Tin, general manager of Wealth Management, Standard Chartered Bank as saying.

"One reason why we think the fund will be popular in Brunei is that it is an Asian fund. So people around Brunei will know about the countries better, and be more receptive to China and India," she said.

Imran Faizal Khan Kamarulzaman Khan, senior director of Regional Business Development at UOB Asset Management, said there will be growth in both China and India, especially in the automobile sector.

He said Asia will also see growth in alternative energy, minerals, such as copper and zinc, and property.



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