Thailand’s wealth management AUM passes US$175bn

Thailand’s domestic private banks and wealth managers saw a 9% growth in their total AUM to US$176 billion, while international banks in the country saw a 9% growth in total AUM to US$6 billion. Growth of domestic banks picked up from 2023’s 6%, while that of the international banks slowed from the previous year’s 35%.

According to APB Insights’ 2024 Thailand Private Banking & Wealth Management AUM League Tables, all players experienced growth in AUM, with an average growth rate of 9% for local players and 12% for international players.

Reflecting on their growth stories, Thai banks highlighted collaboration efforts and international diversification strategies as key drivers.

Leading the growth among the domestic banks are TMB Thanachatt Bank Wealth Management with 14% AUM growth, followed by CIMB Thailand Wealth Management and Krungthai Bank Wealth Management, with 12% and 10%, respectively.

Collaboration efforts

For Siam Commercial Bank (SCB) Private Banking, the bank enhanced its investment business with global partners, including Julius Baer, to expand its advisory capabilities to offshore investments. Conversely, the private bank supports SCB Julius Baer’s clients who are new to international private banking, as the joint venture aims to attract them by building relationships with their entire family and offering high-quality personal advice.

Kiatnakin Phatra Securities (KKP) collaborated with Goldman Sachs Asset Management to benefit from the latter’s investment advisory services via model portfolios that cover multi-asset strategies, as well as its insights into global markets.

As for CIMB Thailand Wealth Management, the bank has been collaborating with investment professionals from CIMB Group’s member banks to utilise their research and advisory expertise. It has also been providing clients with customised products in multiple currencies through its wealth hub in Singapore.

International diversification

The need for increased international diversification drives these collaboration efforts. With a sluggish domestic market, KKP has been encouraging clients to invest in global markets. Having built a worldwide investment platform a decade ago, the bank has been expanding its product offerings in the international space, as well as in private markets and alternatives, including hedge funds. Although current international exposure remains relatively modest at around 20% to 25% of clients’ total portfolios, this diversification has nonetheless provided clients with greater stability.

“As a Thai investor, we probably cannot afford to have a local bias. As a country, we are so small with a limited growth story. In the wealth management context, you really need to look at where you can get that,” said Narit Kosalathip, KKP’s head of the wealth management group.

SCB Private Banking has been offering clients offshore investments through local mutual fund formats. While this may incur relatively higher fees compared to direct offshore investment, it offers clients hedging options and tax benefits. With this approach, the bank reported growth in AUM, trading volume, and revenue.

As for KBank Private Banking, the bank developed core portfolios for sustainable long-term returns, complemented by satellite investments in foreign investment funds to enhance return opportunities.

Domestic Banks

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More	Rank			Bank Name	Bank type	2024 AUM (USD B)	2023 AUM (USD B)	YoY % Change	Min Asset Threshold (USD)
				TMB Thanachatt Bank	Wealth management	34.0	29.9	13.7%	146K
	In 2024, TMB Thanachatt Bank (TTB) expanded its wealthy customer base with two primary groups. The group targets individuals seeking to grow their wealth, while the TTB wealth ecosystem focuses on managing the wealth of business owners, including SMEs and corporate clients. In addition, the bank offered clients its Total Wealth Solution, delivering holistic wealth management services through four main pillars: developing safe and diverse investment products, creating products tailored for wealth with children, international solutions, and exclusive spending privileges through credit cards. *Note: AUM: APB estimate Chavamon Vinijtrongjit head of private banking
				KBank Private Banking	Private banking	27.1	26.5	2.0%	1.5M
	In 2024, KBank collaborated with fund manager CG Capital to launch a private asset fund focusing on investments in real estate, hotels, and hospitality in Thailand. The bank also introduced a need-based insurance product suite offering insurance products spanning the themes of health, retirement, and legacy. As for its talent pool, KBank implemented an integrated personnel capacity development programme, focusing on wealth advisory services and customer understanding, which led to growth in sales volume of mutual funds and high-margin bancassurance products. *Note: AUM: APB estimate Jirawat Supornpaibul private banking group head
				SCB Private Banking	Private banking	26.7	25.4	5.1%	1.5M
	In 2024, SCB Private Banking adopted the core-opportunistic portfolio principle to foster portfolio growth and stable returns through a combination of both short-term and long-term investments. The bank also sourced onshore and offshore products through its open architecture model, allowing timely strategic adjustments to navigate all market conditions. Additionally, the bank partnered with Julius Baer to enhance its advisory and investment capabilities. For digitalisation, the bank leveraged an AI advisory chatbot to provide fund information and offered clients My Alert, a personalised investment recommendation and alert service. Through its digital enhancements, the bank hopes to achieve its vision of “digital wealth with a human touch”. *Note: AUM: provided by the bank Peerapong Jirasevijinda first executive vice president, head of private banking
				CIMB Thailand	Wealth management	26.2	23.4	12.0%	N/A
	In 2024, CIMB Thailand reported steady growth in its preferred customer segment, with increases in both customer base and AUM. The bank owed this growth to its digital health product offerings. During the year, the bank also focused on enhancing its investment product offerings for clients in its ASEAN network, as it saw significant demand for offshore banking solutions. With its wealth hub in Singapore, CIMB offers clients customisable products in multiple currencies. *Note: AUM: APB estimate Paul Wong CEO of CIMB Thai
				Krungsri Bank	Wealth management	23.9	21.7	10.0%	146K
	In 2024, Krungsri Bank provided wealth management clients with investment consultancy and management services, encompassing both equity and debt instruments across a range of investment horizons, from short-term to long-term. The bank also arranged seminars specifically for its wealth management clients, in addition to providing them with access to other benefits and services. It includes joining forces with BlackRock as a strategic partner in investment and wealth management to organise an exclusive seminar tailored for the bank’s private banking clients. *Note: AUM: APB estimate Win Phromphaet head of high net worth division
				Kiatnakin Phatra Securities	Private banking	23.1	21.7	6.5%	1.4M
	Kiatnakin Phatra Securities reported robust net new money growth in 2024, driven by a mix of existing clients and new client acquisition in an 80:20 ratio. The bank attributed this to its dual strategy of expanding wallet share with current clients while attracting new relationships. The bank also highlighted AUM contributions from global fixed income and alternative investments, especially private markets and hedge funds. In fixed income, the bank collaborated with local fund managers to establish feeder funds in unhedged share classes, offering clients access to higher-yielding global bonds while addressing offshore income tax considerations. *Note: AUM: provided by the bank Narit Kosalathip managing director, head of wealth management group
				Krungthai Bank	Wealth management	15.0	13.6	10.4%	58K
	Krungthai Bank has been collaborating with Fidelity International to strengthen its wealth management capabilities. Fidelity offers the bank advice on investment portfolio allocation and market timing strategies. It also partnered with Accenture to develop financial technologies and innovations for navigating the future financial landscape. Additionally, the bank launched Krunthai Ventures to make strategic investments and foster new growth. *Note: AUM: APB estimate Payong Srivanich CEO
				Total		175.9	162.1	8.5%

International Banks

More	Rank			Bank Name	Bank type	2024 AUM (USD B)	2023 AUM (USD B)	YoY % Change	Min Asset Threshold (USD)
				SCB Julius Baer	Private banking	3.4	3.3	5.0%	3M
	Along with AUM growth, which was mainly offset by currency fluctuations, SCB Julius Baer reported increases in managed solutions, recurring revenues, and wealth planning. The bank also attributed approximately half of its net new money in 2024 to stronger relationships with existing clients and the attraction of new clients. The bank has experienced success with its deal team model, which consolidates specialists across investment, credit, and structuring to originate and deliver opportunities for UHNWIs. This approach alone generated several hundred million in new asset flows. *Note: AUM: APB estimate Adrian Mazenauer head of wealth management
				LGT	Private banking	2.1	1.8	15.0%	3M
	In 2024, LGT engaged in opportunistic portfolio hedging through options when prices were favourable and plans to continue this approach in the future. Having established its presence in Thailand in 2019 and acquiring Australian wealth manager Crestone, which also operates in Thailand, the bank experienced positive outcomes from its APAC expansion, covering markets such as Thailand, Australia, India, and Japan. *Note: AUM: APB estimate Ekkapob Makeguljai CEO Thailand
				HSBC	Private banking	0.8	0.7	15.0%	2M
	Recognising that family business owners make up over 80% of Thailand’s enterprises, HSBC has been utilising its strengths in commercial banking through internal collaborations to meet clients' needs for capital raising and financial advisory services. Furthermore, the bank has been introducing clients to its network in Singapore and Hong Kong to facilitate deals and engage clients in both business and personal wealth management. *Note: AUM: APB estimate Lok Yim regional head of global private banking, Asia Pacific, HSBC Global Private Banking
				Total		6.3	5.8	9.3%

Methodology

Some banks publicly state their regional AUM totals, others don’t. Therefore, the datasets presented here contain a mix of estimates, shared, and reported figures. We also recognise that banks are inconsistent in the way they count AUM. And their minimum investment requirements can range widely, starting from as little as US$58,000 and going up to as high as US$3 million.

Totals may include assets under custody and/or loans, and may be distorted by double-counting. Where possible, we footnote for or provide some guidance on these variables. However, in the absence of enforced or agreed-upon standardisation and transparency, these inconsistencies will continue to undermine our ability to directly compare banks’ AUM.

Mid-market rates used as at 31 Dec 2024 for their respective years for non-USD reporting. For 2024: THB-USD 0.029318