XSpring Asset Management, or XSpring AM, has upgraded its view on Thai equities to Neutral, setting a target for the SET Index of 1,650 points this year and 1,700 points next year. Chief Executive Officer Yossakorn Follett said global markets still face high volatility from geopolitical risks, particularly the conflict in the Middle East between the United States, Israel and Iran, which has pushed energy and commodity prices higher and created inflationary pressure, forcing the European Central Bank, the US Federal Reserve and the Reserve Bank of Australia to raise policy interest rates. Total assets under management, or AUM, this year is expected to reach 16 billion baht, growing by about 6 billion baht, or 60%, compared with total AUM of about 10 billion baht last year, driven by expansion of the institutional and high-net-worth client base and by building on collaboration with parent company XSpring Capital, or XPG. At the same time, XSpring AM is preparing to launch the XSpring Australia Equity Fund, or X-AUSEQ, a feeder fund that invests directly in the master fund Candriam Equities L Australia Class I Cap, with a policy of investing no less than 80% of the fund's asset value. It is the first fund in Thailand with a policy of investing in companies listed in Australia, on the view that the Australian economy has high structural stability given a record of nearly 30 years of continuous growth without entering recession.
XSpring Capital Public Company LimitedXSpring AM, whose parent is XSpring Capital (XPG), expects AUM to grow 60% to 16 billion baht and is launching the X-AUSEQ Australia equity feeder fund, expanding the group's asset-management business.
