Aberdeen Standard Investments has been granted a licence to distribute offshore funds directly to investors in Thailand, which the Scottish asset manager describes as a “game changer” after almost 20 years operating in the Southeast Asian country.
According to the company, it’s the first international fund manager to receive the limited broker, dealer and underwriter licence from Thailand’s Securities and Exchange Commission.
The move opens up new opportunities for Aberdeen Standard to deliver global wealth solutions and offer its Luxembourg-domiciled global mutual funds to institutional and high-net-worth investors in Thailand in a cost effective way, the company says in a statement on September 15.
It plans to offer several funds, including China A-shares and multi-asset diversified income strategies, under its SICAV I umbrella, a European open-ended fund series, to Thai investors in the next few months.
Aberdeen Standard has been operating in Thailand since 2002, and currently offers over 20 domestic funds to local investors through third-party distributors.
“This is a game changer for our business in Thailand. We are excited to broaden our product offering for Thai investors, capitalising on our global investment expertise and long-term track record,” Robert Penalloza, Aberdeen Standard’s head of Thailand says in the statement.
Thailand’s mutual fund industry had 5.38 trillion baht (US$172.1 billion) of total assets as of end-2019, according to figures from the Association of Investment Management Companies.
Edinburgh-based Aberdeen Standard Investments had $562.9 billion of total assets as of June 2020.