SCB Wealth, a unit of Siam Commercial Bank, has partnered with global investment manager BlackRock to support its ambition of becoming the top wealth management business in Thailand.

The partnership will guide clients towards international investments, with the aim of increasing global investment assets to 180 billion baht ( US$5.32 billion ) by 2026. It will offer in-depth investment analysis and insights, identify suitable investment strategies to achieve long-term returns, and develop training programmes for relationship managers to meet international standards.

“SCB Wealth aims to become Thailand's top wealth management business by 2026, offering world-class services across the board,” says SCB chief executive officer Kris Chantanotoke. “A key factor in achieving this goal is partnering with globally renowned experts who share a common vision. This collaboration ensures the best offerings for Thai clients and investors, helping them build a strong financial future with sufficient assets for retirement.”

According to Statista, Thailand’s wealth management industry is showing continuous growth. It is expected that assets under management will increase to US$86.74 billion by 2025, and to US$88.49 billion by 2029. This growth is driven by economic expansion and improved infrastructure in the country, leading to an increase in the number of high-net-worth individuals. Clients are seeking more sophisticated investment solutions, such as multi-asset investments, to diversify their portfolios, reduce volatility, and achieve long-term profitability.

SCB Wealth and BlackRock will work closely together, accessing in-depth investment data and conducting joint analyses to provide clients with better information for investment decisions. They will develop and design a variety of products exclusively for SCB Wealth clients.

Andrew Landman, deputy head of Asia-Pacific and head of Asia-Pacific wealth at BlackRock, adds: “Our collaboration combines BlackRock’s global investment know-how with SCB’s deep understanding of local client needs and local expertise in wealth management. We hope this partnership will bring more globally diversified opportunities to high-net-worth and mass affluent investors in Thailand to meet their long-term financial goals.”