JAKARTA: Indonesian market watchdog, Capital Market and Financial Institution Supervisory Agency, is preparing a strategy to spur instruments at capital market as an alternative to wealth management which is also a target of banking sector, in terms of private placement and wealth management.Thus, the minimum investment value in fund management contract (KPD) is being reviewed to fit the profile of the investors in industry. The target amount has been narrowed from IDR10 billion per contract to be between IDR2 billion or IDR3 billion.Head of Investment Management Bureau at BapepamLK Djoko Hendratto said the bureau is discussing with investors to open all the possibilities in order to boost investment, which is realized by absorbing public funds in private banking to capital market.It can be done through channeling program with banks, thus the public may get alternative to grow their assets outside the private banking. The plan to lower the minimum product value of fund management contract (KPD) is still reviewed, he said, last week.Besides this, the Indonesian market watchdog and investors are also preparing standardization of profession which has not been well-developed in capital market, such as financial advisor and wealth management.The bureau is referring to India and US which has developed those professions in their capital market.At this time, fund mangers' profession is getting well-known in banking sector and becoming a spotlight following the scandal of Inong Melinda in Citibank.Djoko said that the development of this profession is not intended to steal the role of professionals in banking sector. Please separate these two sectors, since the main core of this profession is to transparently manage public funds and enhance investment sector. We will also coordinate with Bank Indonesia (BI), he said.Bapepam-LK targets the blue print of the plan to be discussed with capital market investors in the next 3 or 4 months.Harvestindo caseRelated with the fraud of PT Elnusa Tbks funds in PT Bank Mega Tbk which allegedly flew to PT Harvestindo Asset Management, Djoko said the institution only conducted formal investigation, resulted the Elnusas funds never been put into or managed in form of mutual funds in the asset management company.There are invested funds in form of mutual funds, but those are not coming from Discovery or Elnusa, he said.Data of Bapepam-LK said that the net asset value of Reksadana Harvestindo Maxima rose to IDR25.01 billion in the end of December 2010, while the net asset value of Harvestindo Istimewa was unchanged in the range of IDR822 billion from August 2010 to December 2010.We can be suspicious on investors who want to buy mutual funds from Harvestindo, considering they have been under default. However, the custodian bank did not record any Discoverys funds, said Djoko. (T03/NOM)
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