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2002 Annual Report
Investment Fund
In year 2002, Investment Fund, as one of investment
instrument in the Indonesian Capital Market, experienced a quite
impressive growth. It was shown from the increasing numbers of
Investment Funds, Investors, and Net Assets Value (NAV). During the
year, 23 Investment Funds were granted declaration of effectiveness by
Bapepam, hence totaled the number of Investment Funds to 131 and managed
by 32 Investment Managers.
Of those131 Investment Funds, 23 were Equity Funds, 31
were Discretionary Funds, 17 were Money market Funds, and 60 were Fixed
Income Funds. Meanwhile, seven Investment Funds were terminated due to
the NAV of investment Funds was inefficient to be managed or under IDR 3
billion, and sanction from authority for violating capital market
rules.
Other exciting development was the increasing numbers of
unit holders by 107.83% or 104,494 unit holders compared to that of
previous year, which were 51,723. Total fund collected from public was
increased by 454.52% from IDR 8.003 trillion to IDR 44.378 trillion.
Of
total portfolio managed by Investment Funds, the NAV of Fixed Income
Funds had the highest growth, totaled to IDR 35.536 trillion, or
increased by 662.50% from the previous year. This impresisive growth
implied that the Investment Funds industry posses a huge potential which
need to be explored much further. Meanwhile the NAV of Money Market
Funds rose by 207,87%, whereas the NAV of Discretionary Funds
increased by 169.40%, and the NAV of Equity Funds decreased by 44.14%.
In
order to boost investors’ interest to invest in Investment Funds and to
diversify investment instrument which can be utilized by Investment
Funds, during 2002 Bapepam revised Rule Number IV.A.3 regarding
Guideline concerning The Management of a Investment Fund in The Form of
Corporate; Rule Number IV.A.4 Guideline concerning The Management
Contracts of an Investment Fund in the Form of Corporate Investment
Fund; Rule Number IV.B.1 Guideline concerning The Management of an
Investment Fund in the Form of Collective Investment Contract; and Rule
Number IV.B.2 Guidelines concerning The Contract of Investment Fund in
the Form of Collective Investment Contract. The revisions included the
rules which allow Investment Funds to purchase securities that are
traded in Foreign Stock Exchanges, bonds issued by the government of the
Republic of Indonesia, and securities issued by affiliated parties
including Investment Managers and Unit holders. The revisions also
eliminate the obligation of Investment Manager to submit Semi-Annual
Financial Report to Bapepam and Unit Holders. This removal was
intended to enhance efficiency in the capital market without lessening
the information disclosure aspect.
In
addition, the innovation on product and marketing of Investment Funds
have to be improved countinously. A collaboration with the banking
industry and the usage of information technology such as Automatic
Teller Machine (ATM), in Investment Funds marketing needs to be
elevated. Another success factor that needs to be increased was the
number of The Investment Fund Marketing Agents Representatives (IFMAR)
which have an important role in exploring the potency of the local
investors. In year 2002 the number of IFMAR was 2,258 or increased by
99,46% compared to that of previous year which were 1,132 .
Table of Contents Bapepam Annual Report 2002
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