The French fund house said it is the first foreign asset manager in Thailand to receive a mutual fund brokerage license for distribution of funds under the recently unveiled ASEAN Collective Investment Scheme.
Prapatpong Weeramon has been appointed managing director of the new company, Amundi Mutual Fund Brokerage Securities (Thailand). Weeramon most recently worked at the Thailand representative office of ANZ as director of financial institutions and the public sector. Prior to that, he handled various roles at Citibank over the last 15 years.
The expansion plan is in line with Amundi Group’s Asia strategy revealed in December last year by Pascal Blanqué, head of institutional clients and third-party distributors and chief investment officer.
While detailing the market outlook, Blanqué yesterday reiterated Amundi’s ambition to make Asia its second “domestic” region after Europe.
“The launch of the Bangkok office marks a turning point in our expansion strategy in South Asia and will help us strengthen our understanding of the Thai market,” Blanqué said.
In Southeast Asia, Amundi aims to introduce products adapted to local investor needs and distributed through securities firms, bank-backed asset managers, insurance companies and global distributors.
It also intends to enhance its existing institutional business by partnering with sovereign agencies, pension funds, government institutions and corporates through mandates managed by Amundi offices worldwide.
Weeramon said the company would partner and grow with local asset managers and distributors.
“We will work with local partners to broaden the variety of investment products to retail, private and institutional investors in Thailand,” Weeramon said.
As part of its Asia expansion drive, the European asset management company in March acquired the fixed income business of Malaysia-based KAF Fund Management.