In today's financial and investment world, the term “Wealth Management” is frequently discussed.
Nearly every bank and financial institution strives to elevate their services, ranging from Privilege Banking to Private Banking, while promoting the concept of “Open Architecture” — an open system allowing clients unrestricted access to financial products from multiple providers.
Yet, amidst the dazzling array of financial products available like items on supermarket shelves, do Thai clients truly have their real needs met?
Or is it the case that most investments remain mere individual product offerings, lacking a cohesive portfolio that genuinely aligns with life goals?
This represents a significant gap in Thailand's wealth management market that Maybank Securities (Thailand) has identified, leading to the launch of their first Private Fund focused on Thai and ASEAN equities.
With a minimum investment of 5 million baht, the fund aims to plug this gap and establish a new standard for flexible and highly efficient portfolio management.
Although Thailand's economy has not grown dramatically in recent years, intriguingly, the wealth figures of its population have shown an opposite trend.
Arpat Sangkarat, Chief Executive Officer of Maybank Securities (Thailand), revealed that compared to other ASEAN countries, Thailand ranks third in wealth, behind Singapore at first and Indonesia second.
The country has a substantial and growing number of Ultra High Net Worth (UHNW) individuals with assets exceeding 1 billion baht, as well as High Net Worth (HNW) individuals with assets around 30 million baht.
However, Thailand's Wealth Management industry still faces a large gap that no one has fully addressed.
Despite the abundance of investment products available, the key lies in portfolio management, which can be likened to a supermarket where having all ingredients on shelves does not guarantee a delicious meal when combined.
Similarly, investments must be combined in a way that maximizes overall efficiency and effectiveness.
Traditionally, Thai investors have tended to focus on short-term speculative stock trading or buying mutual funds through banks, mistakenly believing this disperses risk. In reality, spreading money across multiple institutions or stocks without a unified portfolio strategy does not achieve effective risk diversification.
A new wave of wealth transfer emerges as "younger generations" invest differently than their parents.
Another key factor driving Maybank's move into the Private Fund business is the global and Thai phenomenon of significant wealth transfer, known as “Wealth Transfer.”
Arpat estimates that over the next decade, a massive transfer of assets will occur from the older generation—mostly aged 70-80 and long retired—to their children, whose behaviors and needs differ fundamentally from their predecessors.
Day trading is expected to decline noticeably, as younger investors prefer systematic investments tied to clear goals, such as saving for their children's future or specific objectives.
This market gap presents a prime opportunity for the company to introduce Private Funds acting as "personal financial managers," overseeing investment allocation and portfolio alignment with long-term goals.
In this launch, Maybank Securities (Thailand) focuses on its core strengths: private funds in Thai and ASEAN equities, recognizing overlooked potential in these markets by Thai investors.
The Thai stock market: Attractive again under new stability.
Kanchanaphol Wan Kompernolle, Managing Director of Private Funds at Maybank Securities (Thailand), described Thailand as a company with a very strong balance sheet and world-class infrastructure, including airports, excellent roads and highways conducive to business, import-export ports, and a reliable nationwide telecommunications network.
Furthermore, the Thai stock market currently benefits from four main positive factors:
Most importantly, over the past 12 months, Thailand has regained a stable government, filling a missing puzzle piece from before, which has restored confidence in consumption and investment among both domestic and foreign participants.
Among over 700 listed companies on the Thai stock market, it is believed that 15-30 top-quality stocks can be selected to build a portfolio that delivers outstanding returns over the next 2-3 years.
The ASEAN stock market: An untapped treasure trove of 7,000 companies.
When Thai investors consider international diversification, they often overlook neighboring ASEAN countries, heading straight to the U.S. or China instead.
However, ASEAN is a region with strong, rapid growth potential, with a combined population exceeding 700 million and about 7,000 publicly listed companies, boasting high average GDP growth rates.
Kanchanaphol highlighted unique strengths of six ASEAN countries targeted by the private funds:
Maybank's private fund management is not passive but follows Active Management principles to generate "Alpha" — excess returns above the market — with the team emphasizing sharper focus than typical players.
Kitipob Sripan, Fund Manager, shared that the key to generating Alpha lies not in competitors' lack of knowledge but in gaining competitive advantage in two main dimensions: "speed" and "deep understanding."
Additionally, Maybank Securities (Thailand) benefits from Maybank Group's extensive network — one of the largest financial groups in ASEAN — with research teams on the ground in all major regional countries.
Thus, their insights go beyond translated financial reports; they encompass local expertise on consumer behavior and politics.
The 10-billion-baht target without "Product Push".
Maybank executives emphasized an interesting perspective on business growth, firmly stating they will not pressure clients into product sales merely to achieve short-term figures.
Currently, Maybank Securities manages assets under management (AUM) of about 300 million baht across these two models, marking the first official year of launch.
The company targets an AUM of 1,000 to 2,000 million baht initially, with a 3-5 year goal of 2,000 million baht per model, totaling 4,000 million baht. The long-term 10-year goal is to reach 10,000 million baht.
Interestingly, executives want the 10 billion baht figure to result not from continuous new fundraising but from sustained investment returns growing from the initial 4 billion baht, proving genuine portfolio management skills to clients.
Arpat explained that they currently manage substantial client funds, mostly from the upper wealth segment, and that a 10-billion-baht target is modest compared to total client assets.
Ultimately, Maybank Securities (Thailand)'s move into the Private Fund market may not only provide more investment options but also reflect a transition in Thailand's wealth management industry—from selling individual products to holistic, flexible portfolio management aligned with long-term life goals.
They leverage strengths in Thai and ASEAN equities as key components to create opportunities and diversify risk, enabling clients' money to work in harmony with their goals and wealth.
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