Strategy
JP Morgan AM Pushes Further Into Thailand Market

A number of wealth management firms and private banks have set up store in the country to capture expected rising affluence in the country.
JP Morgan
Asset Management is teaming up with a Thailand-based
investments house – a further sign of how the Southeast Asian
country is attracting wealth managers, banks, and other
players.
JPMAM has formed a strategic partnership with Kasikorn Asset
Management Co.
The Thailand firm said volatile investment conditions – and its
experience in dealing with it – had strong appeal to its US
partner.
“Over the past three to four years, the market has been beset by
Covid-19 and a global economic crisis. These factors have led to
persistent market volatility, making it increasingly difficult to
assess situations and make smart investment decisions,” Adisorn
Sermchaiwong, KAsset executive chairman, said. “To address this
issue, KAsset is committed to developing its strategic plan with
JPMAM of enhancing its global asset selection and allocation
capabilities, with readiness in reshaping investments to align
with and keep abreast of ever-changing circumstances.”
KAsset has THB1.49 trillion (about $42 billion) of assets under
management, against JPMAM’s AuM of $2.9 trillion. The US firm
said it will use KAsset’s local presence and knowledge to offer
its investment solutions to Thai investors. KAsset will have
access to JPMAM’s market insights, intellectual capital and
thought leadership.
A number of Western private banks and wealth houses have set up
shop in Thailand. BNP
Paribas Wealth Management has launched an onshore wealth
management business there, for example. Julius Baer, which
treats Asia as its second home market, formed a Thai joint
venture in 2018. TriLake Partners,
the external asset manager, is opening a representative office in
Thailand.
According to a report published by McKinsey in November 2021, wealth management in Thailand is expected to grow strongly over the next five years, with assets under management growing by about 10 per cent per annum.
Photo: (from left to right): Suradech Kietthanakorn, managing director, Kasikorn Asset Management; Adisorn Sermchaiwong, executive chairman, Kasikorn Asset Management; Dan Watkins, chief executive, Asia-Pacific, JP Morgan Asset Management, and Sherene Ban, CEO, Singapore and Southeast Asia, JP Morgan Asset Management.