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Capital Markets

Fund management: ABF experiment reaches second phase

New launch is sign of growing sophistication in fixed income investing

Asian Bond Fund 2
Local market managers
Single market fund
ABF China Bond 
Index Fund
China Asset
ABF Hong Kong 
Bond Index Fund
HSBC Investments
ABF Indonesia Bond 
Index Fund

PT Bahana TCW 

ABF Korea Bond 
Index Fund
Samsung Investment 
ABF Malaysia 
Bond Index Fund
ABF Philippines 
Bond Index Fund
Bank of the Philippine 
ABF Singapore 
Bond Index Fund
DBS Asset Management
ABF Thailand Bond 
Index Fund
Kasikorn Asset 
Source: Asia Bond Fund

Fund managers for the nine new funds launched under the auspices of the Asian Bond Fund 2 initiative (ABF2) have been selected. ABF2 is the latest stage in a co-operative project launched by 11 central banks and monetary authorities in the East Asia and Pacific region designed to promote the development of regional bond markets. By investing in local currency bond issues, the region's central bankers hope to reduce dependence on the US dollar debt markets that caused such difficulties during the 1997-8 Asian financial crisis.

ABF2 comprises a $2 billion commitment, with $1 billion invested in the ABF Pan-Asian Bond Index Fund, a single bond fund that will invest in sovereign and quasi-sovereign local currency issues and will be managed by State Street Global Advisors Singapore.