Wednesday, 30 June 2010

SC slaps SJ Asset Management with restrictions

SC slaps SJ Asset with restrictions
Published: 2010/06/30

The Securities Commission (SC) has stopped SJ Asset Management Sdn Bhd (SJAM) from taking care of fresh funds after its examination of the fund manager raised concerns.

In a statement yesterday, the regulator said that with immediate effect, SJAM was prohibited from soliciting new mandates and to maintain and preserve all records in relation to clients' trades and payments.

"On-site examination as well as findings of BDO Consulting Sdn Bhd (BDO), which was appointed to assist in examining SJAM's books, accounts and records, have raised certain concerns," the SC said.

It did not say what the concerns were nor why it had asked BDO to do the job.

The SC has also instructed BDO to further examine, audit and report on SJAM's books, accounts and records, inclusive of assets held.

It said that over the last two years, it had intensified regulatory review and scrutiny over asset management companies.

SJAM, a licensed fund company incorporated in 1992 manages regional investments in Japan, Hong Kong, Singapore, Thailand, Indonesia, the Philippines, Taiwan and South Korea.

Its investment products include

  • fund management, 
  • managed portfolio, 
  • investment services and 
  • private equity accounts.

Whai Onn Tan is the managing director of SJAM, while Datuk Kamaruddin Hamzah, who sits on the board of directors of a few public-listed companies, is the director of the company.

Whai is also the head of fund and portfolio management.

Both Whai and Kamaruddin are also the owners of SJAM Holdings Sdn Bhd, the parent firm of SJAM.

Based on the company's website, SJAM has authorised capital of RM10 million and paid-up of RM6.38 million.

Its investment portfolio targets active, quality-growth companies with reasonable prices.

Read more: SC slaps SJ Asset with restrictions

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