MAAM: ASSET MGMT FIRMS AFFECTED BY ECONOMIC CRISIS

KUALA LUMPUR, March 25 (Bernama) -- Malaysian asset management firms are
affected due to the current economic slowdown, Raymond Tang, the Malaysian
Association of Asset Managers (MAAM) chairman said Wednesday.

However, he said the robustness of the system in Malaysia, would help
cushion the impact of the crisis for the industry.

"In a sense, asset management companies in Malaysia have been affected as
business is down along with the value of the assets they manage.

"Their business is affected to that extent but I think the robustness of the
system and the regulatory framework has ensured that nobody has gone bust," he
told reporters after the association's annual general meeting (AGM) here
Wednesday.

He said at this time,the management of the companies should ensure that no
corners are cut.

"When you cut costs, ensure that you don't compromise on standards. You
should not cut costs for the sake of doing so," Tang noted.

At the AGM, the association highlighted several issues related to the
interests of the investing public, including Bursa Malaysia's trading hours and
the Composite Index conversion.

The association said that by maintaining the existing trading hours,
Malaysia Exchange (Bursa Malaysia) would retain regional competitiveness, policy
stability and liquidity.

"I think traditionally our trading hours are up to 5pm as this is
firstly to be compatible with investors who invest in Singapore and Malaysia.

"Secondly,it is to offer our European clients, a one or two hour window to
conduct their trade. Otherwise, the volatility of the market will be much more
sharper," Tang said.

-- BERNAMA