Traveloka president Henry Hendrawan in a photo taken at their Jakarta office in 2017. Online travel start-up Traveloka — the region’s equivalent of Expedia — is said to be looking for a SPAC. Photo: Bloomberg

There are not many statues of stockbrokers. Abraham van Ketwick, a Dutch stockbroker who died in 1809, deserves one. He is long forgotten, but he is the father of unit trusts.

Unit trusts are a collective investment fund like UOB Asset Management. Most of the trading in stocks and bonds are by unit trusts. They are known as mutual funds in the US.

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