The Liechtenstein asset manager has set its sights on Thailand as “rapidly growing with extremely interesting opportunities.” They join a growing list of European wealth managers heading to the Kingdom.

The private banking and asset management group LGT is opening a wealth management business in Thailand to cater for an expanding population of wealthy private and corporate clients in the country.

Operating under LGT Securities (Thailand) Ltd in Bangkok, LGT’s arrival will be supported by its existing private banking teams in Hong Kong and Singapore. The Bangkok office will be headed by CEO Ekkapob Makeguljai, a homegrown career banker, who will lead a mix of local and international wealth managers and report to regional head Karn Karuhadej.

The group, owned by the Princely House of Liechtenstein, is not the first European asset manager to capitalise on Thailand’s growing prosperity. Credit Suisse was the first global bank to launch international wealth management services from Bangkok in May 2016 under Credit Suisse Securities Thailand. Julius Baer and Siam Commercial Bank, a Thailand-based group, followed suit last year signing JV agreements to break into the Thai market, which is estimated to be worth around $300 billion, with a high net worth clientele in the region of 30,000 and growing rapidly, according to the latest BCG Global Wealth Report.

Despite worries that Asian markets are stalling, led by a far more gloomy picture on China, Thailand and a few others in the region, notably Bangladesh, have been bucking that trend. CB Asset Management Co, the nation’s biggest private money manager, added its voice to Morgan Stanley’s recently by delivering upbeat sentiment.

LGT’s chief executive Prince Max von und zu Liechtenstein said, “We see Thailand as an important growth market, and the establishment of an onshore presence reflects our ambition to continue our growth path in Asia."

He added: "Our stable ownership structure, our international network, personal approach, as well as our advisors' comprehensive experience in managing substantial family assets, is what distinguishes LGT. Our clients can invest like the Princely Family, and thus benefit from our investment expertise. This results in a natural alignment of interests between ourselves and our clients."

Based in Vaduz, Liechtenstein, LGT positions itself as the largest private banking and asset management group globally that is wholly owned by an entrepreneurial family, the Princely House of Liechtenstein.

Henri Leimer, head of LGT’s private banking in Asia, said opening in Bangkok is “another strategic milestone” for the group. “We have recorded very pleasing growth in recent years in the region and significantly increased our assets under management. With our local presence in Bangkok, we can now advise and support our Thai customers even better on the ground."

In Asia, LGT’s private banking business manages over $60 billion in client assets. Globally the group manages around SFr206 billion ($207.5 billion) for wealthy private individuals and institutional clients across 20 locations in Europe, Asia, the Americas, and the Middle East.