Asset Management

Mom informed me on Tuesday morning that she has been shortlisted for umrah in 2010. From the shortlisted, only 10 will be chosen and she could be the lucky one. All she needs to do is to go down to Singapore Shopping Center to register. She then asked me, how to get there.

I brought her there. Despite telling her it is a waste of time, she insisted on being there and registering. Of course, there is a catch.... she has to sit through a 1hr asset management talk before she could register.

I was annoyed and it was no secret. These are the reasons why I don't trust them and told them so;
- why would I want to put thousand of dollars in a company that is only 2 years old and claimed that they have done many businesses in developing country - focusing on India. They then showed us some of the projects that they are involved in... in 2 years they've built that? hmmm...

- when asked, where is their source of revenue/ income, what is their profit like, who is their parent company... - no one could answer. They sent 4 officers to me (!!) to answer my question. And not one could give me an answer

- their board of directors are made up of ex soccer player, musician.... eerrr... no offense but what would they know about asset management?! what more in the developing countries. Not credible

- Their PR manager is a Chef and you have seen him on TV. He thinks he is a celebrity.. he wore a white suit... and trying to sell me the company! Get serious.

So I finally asked them why should I put my money in your company and not a reputable Islamic Bank? They could not respond. And with that we left.

Mom is lucky she has her kids to talk to before making any decisions. What happened to other old people who live on their own or has no one to consult to? They may think that they could make the additional 10K or more by investing and who knows might end up losing that money?