CIMB Std's SEASAF buys interest in fund

Published: 2009/09/17

THE South East Asian Strategic Assets Fund (SEASAF), advised and managed by CIMB Standard, has completed the acquisition of Babcock & Brown''s (B&B) interest in the Babcock & Brown Asia Infrastructure Fund (BBAIF).

"With the acquisition, we effectively take over BBAIF's office in Bangkok and this immediately gives us a presence in Thailand, one of SEASAF's main markets," said the chief executive officer of CIMB Standard, Dr Johan Bastin.

He also said in a statement that in terms of geographic coverage and investment strategy, the acquisition of the Asia Infrastructure Fund complements the two funds the company already has under management.

"We are anticipating that two additional, experienced senior investment professionals, will join our team to contribute and strengthen investment sourcing and the management capacity of SEASAF and CIMB Standard as a whole," he added.

Bastin explained that the acquisition would also enable CIMB Standard to expand more rapidly its investment portfolio and allow it to strengthen its post-closing investment management capability.

"It is an integral part of CIMB Standard''s strategy to consolidate and strengthen its position as the leading infrastructure funds manager in the Southeast Asian region and expand its fund management platform," said Bastion.
He highlighted that the acquisition followed the initial closing in July by CIMB Standard of the Islamic Infrastructure Fund (IIF).

It is also a testament of the achievements of SEASAF, CIMB Standard's first fund, which closed in March 2006 at US$147 million and focuses on energy and infrastructure investments in the ASEAN region.

"Adding an office in Bangkok is strategic and precedes the planned opening of an additional office in Jakarta later in the year," Bastion explained.

The company is also looking towards establishing a presence in Central Asia in 2010.

Established in November 2007, the BBAIF is an infrastructure fund co-sponsored by The Bank of Tokyo-Mitsubishi UFJ, Ltd (BTMU) and B&B with a focus on investment grade countries in Asia. - Bernama