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Julius Baer enters Thai wealth management market
Julius Baer signed an agreement to establish a joint venture to offer wealth management services to Thai clients.
Julius Baer and Siam Commercial Bank (SCB) signed an agreement (subject to certain conditions and regulatory approvals) that intends to establish a strategic joint venture focusing on bringing the most relevant and impactful advice and solutions to the growing Thai private banking market.
The joint venture will combine SCBs brand credibility and wealth management expertise with Julius Baers suite of international wealth management capabilities and advisory services. The cooperation will immediately complement SCBs existing private banking capabilities whilst opening access for Julius Baer to the fast-growing Thai wealth management market. The joint venture will operate via domestic and international companies in Thailand and Singapore. At inception, Julius Baer will hold 40% in the joint venture, with the option to increase to 49% over time.
Thailands overall wealth market is estimated to be around USD 300 billion, with a rapidly growing population of high net worth individuals of approximately 30,000, according to the BCG Global Wealth Report 2017. Not only is wealth growing in Thailand, the demand for wealth management services and global investment strategies is also expanding quickly. As the largest commercial bank in Thailand, SCB has been serving wealthy clients since 1907 with over USD 23 billion of AuM from its wealth management operations. SCB has more than 13 million clients across Thailand and is listed on the stock exchange of Thailand, with a current market capitalization of around USD 15 billion. Partnering with Julius Baer, advising private clients globally with CHF 388 billion of total AuM as at the end of 2017, is expected to expand the combined growth prospects for both firms via this joint venture.
