The asset management arm of JP Morgan Chase, the world's largest bank, is joining forces with Thailand's Kasikorn Asset Management to tap into the wealth management market for Thais, a clear sign of the rising fortunes of the Kingdom's well-to-do.

The alliance between the American and Thai financial firms is "a further sign of how the Southeast Asian country is attracting wealth managers, banks, and other players," wrote the WealthBriefing website.

WealthBriefing is not alone in that assessment. McKinsey, the world's premier consulting firm, issued a report in 2021 forecasting that wealth management in Thailand would grow strongly over the next five years, with assets under management rising by about 10 percent a year.

The agreement and growth in the wealth management sector in general, might have come sooner had it not been for the pandemic, according to executives at Kasikorn Asset Management, a division of Kasikorn Bank, one of the Big Four banks in the Kingdom.

"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," said Adisorn Sermchaiwong, Kaskikorn Asset Management (KAsset) Executive Chairman.

"To address this issue, KAsset is committed to developing its strategic plan with JPMAM (JP Morgan Asset Management) of enhancing its global asset selection and allocation capabilities, with readiness in reshaping investments to align with and keep abreast of ever-changing circumstances," he added.

In recent years, several Western private banks and wealth houses have opened branches in Thailand. BNP Paribas Wealth Management has launched an onshore wealth management firm in the Kingdom. Julius Baer formed a Thai joint venture in 2018, and TriLake Partners, the external asset manager, is opening a representative office in Thailand.

Photo courtesy of https://www.kasikornbank.com/