The online service is part of AJF's business strategy to target retail investors. Reungvit Nandhabiwat, AJF's managing director, said that the number of retail investors using the service would be greater then institutional investors. He stated: 'We are not doing this to increase income but to increase the number of investment channels we can offer unit-trust holders.' The firm has around 4,000 unit-trust holders, of whom 55 per cent are retail investors. Mr Nadnhabiwat added: 'At AJF we are keen to respond to smart investors, who are more and more turning to the Internet.'

By logging on to www.ajffunds.com, investors can get a new ajf@ccess online service which will enable them to inquire about mutual funds, selling and buying, switch investment units and immediately recheck their transaction from anywhere in the world. The Bank of Ayudhya, a major shareholder in the mutual-fund company, will provide support to the new service by automatically deducting money from investors who make transactions through the service.

The Thai Farmers Research Centre (TFRC) said this week that it expects mutual funds to continue rising in terms of net asset value (NAV) but that growth would be limited. It said the NAV of mutual funds in Thailand was currently Bt120bn, up from Bt84bn at the end of 1997, when the economic crisis erupted. The crisis led to the introduction of numerous funds, especially fixed-income ones, and their size grew from Bt22bn in 1997 to Bt83bn as at 31 September 2000.