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Thailand AUM has grown ten-fold: Credit Suisse PB market group head

Thailand AUM has grown ten-fold: Credit Suisse PB market group head

Thailand is one of the fastest growing wealth management businesses for Credit Suisse Private Banking and its numbers have grown significantly since the launch last year.

To mark the first anniversary of the launch of onshore wealth management in Thailand, Urs Grueter, Credit Suisse’s market group head for Thailand and Vietnam for private banking, said: 'In the past year, we have recorded strong growth of our new Thailand wealth management business, with number of clients’ accounts increasing five-fold and assets under management (AUM) growing ten-fold.

'They are increasingly demanding a more sophisticated and structured asset allocation and access to a comprehensive range of financial and investment solutions across geographies and asset classes, as well as solutions for both their personal and family wealth as well as their businesses.'

Credit Suisse’s wealth management offering targets two key client segments which the bank defines as high-net-worth individuals with more than $2 million (THB 69 million) in AUM, and ultra-high-net-worth individuals  with $50 million (THB 1.7 billion) in AUM or $250 million (THB 8.6 billion) in net wealth, who are mostly first or second generation entrepreneurs with family-owned businesses.

According to the head of wealth management Thailand, Khun Thippa Praneeprachachon, clients who previously had no investments beyond the domestic market are now making international investments mainly due to the strong Thai baht, and their need for more diversification across both geographies and asset classes.

'In addition, following the regulatory developments earlier this year that allow “ultra-accredited investors” to invest in private equity and hedge funds, there has been much interest and investments by our Thai ultra-high-net-worth clients in these new alternative asset classes, particularly in global real estate investment opportunities,' she said.

There has also been increased interest in family succession planning and the increased use of tools like trusts for transferring business and family wealth in Thailand, she noted.

The Thailand team is supported by over 200 specialists in the Singapore office including product and investment experts as well as wealth planning professionals.

Credit Suisse's private banking AUM for Asia Pacific is currently CHF 177.4 billion.

Digital platform

Credit Suisse Private Banking is also seeing strong demand for digital services among its Thai clients, and rolled out its digital wealth management platform to Thailand on Tuesday.

At the launch in Bangkok, Benjamin Cavalli, Credit Suisse’s head of private banking Southeast Asia said: 'Thailand is the third rollout location in Asia of our Credit Suisse Private Banking Asia Pacific app, following Singapore and Hong Kong.

'Thailand is one of the fastest growing markets for our regional wealth management business as well as for consumer adoption of digital financial services solutions.'

Clients can access the digital wealth management platform on their iPad, iPhone, web browsers, and devices operating on Google Android.

It provides clients with round-the-clock access to comprehensive information about their accounts, market insights and intelligence relevant to their portfolio, while supporting them with trading tools that enable them to respond to moving markets across more than 30 bourses around the world.

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