New Office
TriLake Partners Opens Office In Thailand
TriLake, an independent wealth manager established in 2011, is pushing into the Thailand wealth market, one that is already home to a number of large organisations.
TriLake Partners, the external asset manager, is opening a representative office in Thailand, tapping into the expanding wealth of the Southeast Asian country.
The EAM has won approval from the Monetary Authority of Singapore and the Ministry of Commerce of Thailand, TriLake said in a statement late last week.
Established in 2011 and based in Singapore, TriLake holds a capital markets services licence for fund management under the Securities and Futures Act.
Patrick Lauener, chief operating officer and partner, who heads the Thailand office, joined the firm in 2013 and has more than 20 years of experience in the financial industry. This development creates new opportunities for TriLake Partners, it said, such as reaching more accredited investors and institutional clients in the region.
The rep office move puts TriLake in competition with a number of Western and local Asian firms operating in Thailand. For example, as reported in April, BNP Paribas Wealth Management launched its onshore wealth management business in Thailand. Julius Baer, which treats Asia as its second home market, formed a Thai joint venture in 2018.
(WealthBriefingAsia has been tracking and researching the EAM sector for some time. See a research report 2017.) See an interview here with Jolene Tan, TEP, managing partner and co-founder of SingAlliance, about EAMs and the Singapore story.
According to a report published by McKinsey in November 2022, wealth management in Thailand is expected to grow strongly over the next five years, with assets under management growing by about 10 per cent per annum.