The firm says it is Thailand's oldest asset management business.

MFC Asset Management, Thailand's first mutual fund management company, has named Dennis Chong-Boon Lim as its new president.

Lim was previously the co-chief executive of Templeton Asset Management, a wholly-owned subsidiary of US-listed Franklin Resources. He has more than 25 years of experience in the fund management industry. 

Among his roles Lim managed and co-managed more than $20 billion of emerging markets equity funds while at Templeton Asset Management. He was involved in turning the Templeton Emerging Markets Group into a prominent emerging markets player.

"Our long-term goal is to turn MFC into a major regional player in the fund management industry,” Sadawut Taechaubol, an MFC shareholder and board member, said.

Lim will initially share responsibilities with the incumbent president, Ms Prapa Puranachote. Puranachote will continue to oversee the Provident Fund Division until she retires in June 2019 while Lim will assume responsibilities for the remaining divisions in MFC.

MFC was set up in 1975 as a joint venture between the International Finance Corporation and the Government of Thailand.