Tisco Bank's wealth unit prepares for AEC customers
- July 13, 2012
Published: 12/07/2012 at 01:50 AM
Bangkok Post / Newspaper section: Business
Tisco Wealth, the investment advisory unit of Tisco Bank, launched an asset allocation advisory service for clients to tap opportunities in the upcoming Asean Economic Community (AEC).
Picha Ratanatam, Tisco Bank’s head of wealth management, said the bank managed 90 billion baht under its wealth management project last year, set to increase to 100 billion baht this year.
The number of investors will increase to 4,000 by year-end from 3,500 now.
Mr Picha said the new service, called the Global Asset Allocation Advisory, requires a minimum investment of 5 million baht.
Tisco Bank will open the first advisory branch in Sukhumvit Soi 63 (Soi Ekamai) on Aug 1 and mini branches in leading department stores later.
Mr Picha said currently the Bank of Thailand has fixed a US$5-million ceiling on individual investment abroad.
However, the central bank may relax the rule and raise the ceiling on overseas investment to serve the higher demand expected under the AEC and provide greater opportunities for investors to diversify asset classes of their portfolios to other markets.
Vorasinee Sangvornvetphan, a wealth strategist at Tisco Bank, said wealth analysis will focus on asset allocation appropriate for each person.
Investors need to know their personal acceptable risk level before investing.
Ms Vorasinee said the general investment strategy recommends investment of 60% in assets in Asia, 20% in the US and 20% in commodities.
The top-pick sector is domestic consumption and banking.
Tisco Bank forecasts 6% growth in gross domestic product (GDP) this year, with a SET target of 1,300 points and listed firms’ earning growth of 25%.