Some 340 individuals in Thailand have more than $50 million in net wealth, classified as ultra-high net worth, de Ferrari said, citing Credit Suisse data. Cap Gemini and RBC’s report showed that almost 91,000 Thais had more than $1 million in investable assets in 2014, a 13 percent increase from the previous year.
Client Referrals
While well-endowed with natural resources and economic growth, Thailand has had a history of political instability, with a dozen coups since 1932, when the country switched to a democratic system from an absolute monarchy. The last occurred two years ago when the army seized power after months of demonstrations against the elected government.
That’s not deterring some foreign wealth managers, who have beefed up their presence in Thailand in recent years. Lombard Odier, Geneva’s oldest private bank, partnered with Bangkok-based Kasikornbank Pcl in 2014 to offer private clients of the Thai bank access to global investment funds. Part of the agreement includes a referral of Thai clients to the Swiss firm when appropriate, according to a December 2014 press release.
De Ferrari didn’t rule out another acquisition for Credit Suisse, which bought HSBC Holdings Plc’s wealth business in Japan in 2012. Prices and terms of that deal weren’t disclosed. Client assets under management would be a consideration for any takeover, given the amount of net new assets the firm took in last year in the Asia Pacific.
“It would really have to be big for us to make sense,” said de Ferrari.