Best Private Bank Thailand Domestic
Phatra Securities
Best Private Bank – Thailand Domestic
Narit Kosalathip
managing director, head of wealth management, Phatra Securities
“Thailand has arrived at the tipping point for the structural change in the private banking landscape where the division between onshore and offshore banking becomes increasingly blurred. Building on the leading position of our onshore offerings, we have enhanced our global capabilities to deliver an integrated multi-shore experience for Thai HNWIs holistically and seamlessly. It is our goal to be the best global private bank for Thais. We are honoured to be named Best Private Bank — Thailand Domestic. The award is a testament to our ability to glocalise private banking service by offering international best practices with deep local understanding.”
Winners rationale
Phatra Wealth Management, operating under Phatra Securities, has built up a strong position in Thailand as a leading provider of private banking services, with a comprehensive wealth platform and a full range of offerings.
2019 was a year of strong performance and expansion for Phatra. Riding on Thailand’s booming wealth landscape — the population of HNWIs more than doubled between 2011 and 2018 — Phatra Wealth Management generated impressive double-digit growth in its AUM and its net inflow was the highest in five years, soaring 40% YoY. At the same time, the RM headcount and the investment specialist team grew alongside the number of clients to maintain the high quality of its advisory service.
As the only private bank in Thailand that offers all private banking services under its securities entity (all other key players operate their PB business with a commercial banking licence), Phatra’s unique positioning is complemented by its solid capacities in investment banking. When the need arises, its wealth managers can refer clients who are business owners to the investment banking arms for advice.
More importantly, under a still developing regulatory framework in Thailand in 2019, Phatra collaborated with global fund managers to offer Thai clients products through its global investment platform — an open architecture of considerable breadth and depth. Such collaboration allowed RMs to connect with fund managers globally to keep up with complex products. Employing the knowledge of global banking practice to offer seamless solutions to clients, the bank held its service up to international standards, while cultivating a keen understanding of the special needs of local clients.
For Phatra, digital innovation is key to ensuring an optimal experience for the client. The company has introduced “Phatra Wealth Compass”, an online portfolio simulation tool for potential clients, and has deployed “Portfolio Constructor”, a comprehensive portfolio management tool for RMs. The onboarded clients enjoy the most comprehensive investment mobile app in Thailand, which allows them to access investment services in all key asset classes and use full banking services on a single platform.
With its solid global investment experience and long-term vision for client life-cycle management, Phatra has distinguished itself as a first-mover in Thailand’s private banking industry.
Phatra Securities is Asian Private Banker’s Best Private Bank – Thailand Domestic for 2019.
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