The number of rich people in Thailand will continue to grow at a higher rate, boosting the private banking business, according to wealth managers.
Lombard Odier is seeing a growth of private banking business-wealth management for high net worth individuals in the country.
"If you take HNWIs today in Thailand, they are growing more than 10% a year. If you take people with wealth over $50m they are growing by 20% to 25% and billionaires are growing 30% a year," Vincent Magnenat, Lombard Odier's chief executive officer for Asia Pacific, said.
If you take HNWIs today in Thailand, they are growing more than 10% a year. If you take people with wealth over $50m they are growing by 20% to 25% and billionaires are growing 30% a year"
He added that the top private bankers in Asia manage less than 20% of the assets of wealthy individuals. More than 80% of their assets are onshore and are under management of major local players like KBank Private Banking.Lombard Odier's ventures into building onshore revenue lines have been supported not only by its investment capabilities but also through effective delivery to meet non-investment needs.
According to Magnenat, the new generation of Thai entrepreneurs are increasingly demonstrating not only demand for professional investment management but also wealth planning and family or business governance needs.
Magnenat alsoexpressed optimism regarding the bank's benefits from its four-year-old partnership with major Thai lender Kasikornbank (Kbank).