Krungsri Asset Management (KAsset)
Krungsri Asset Management (KAsset) is the asset-management subsidiary of Bank of Ayudhya (Krungsri, SET: BAY), Thailand's fifth-largest commercial bank by assets and a subsidiary of MUFG. Operates one of Thailand's top-five mutual fund franchises by assets under management, offering equity, fixed-income, mixed, and alternative funds to retail and institutional investors. Distributes through Krungsri bank branches, the Krungsri App, and independent financial advisors. Competes with KASSET (KasikornAsset), SCB Asset Management, and Bualuang Securities AM. Benefits from MUFG's global asset-management capability and cross-border investment-product pipeline into Japanese and Asian markets.
Snapshot
Headline numbers a buyer checks first.
AUM
~THB 800 bn
2024
Parent ownership (BAY)
72.15% owned by MUFG
2024
Fund count
~200+
2024
Founded
1992
Ongoing
Profile overview
Krungsri Asset Management (KAsset) is the asset-management subsidiary of Bank of Ayudhya (Krungsri, SET: BAY), Thailand's fifth-largest commercial bank by assets and a subsidiary of MUFG. Operates one of Thailand's top-five mutual fund franchises by assets under management, offering equity, fixed-income, mixed, and alternative funds to retail and institutional investors. Distributes through Krungsri bank branches, the Krungsri App, and independent financial advisors. Competes with KASSET (KasikornAsset), SCB Asset Management, and Bualuang Securities AM. Benefits from MUFG's global asset-management capability and cross-border investment-product pipeline into Japanese and Asian markets.
Product and channel portfolio
Equity funds
Thai and ASEAN equity funds
Equity funds investing in Thai SET-listed equities and ASEAN regional markets. KAsset's Thai equity funds include thematic funds (EEC, technology, ESG) and SET50 index-tracking products. ASEAN equity FIFs (foreign investment funds) leverage MUFG's regional market research.
Fixed income
Bond and money-market funds
Fixed-income funds covering Thai government bonds, corporate bonds, and money-market instruments. Money-market funds serve as cash-management vehicles for retail and corporate Krungsri customers. Bond-fund AUM benefits from BOT rate-cycle demand from yield-seeking retail savers.
Tax-advantaged
RMF, SSF, Thai ESG fund products
Tax-advantaged savings products including Retirement Mutual Funds (RMF), Super Savings Funds (SSF), and Thai ESG Funds sold to retail investors seeking income-tax deductions. KAsset competes with KASSET, SCB AM, and Bualuang for annual RMF-SSF inflow during December-March tax-saving season.
Global access
MUFG global product pipeline
MUFG parent provides KAsset access to Japanese equity funds, Asian credit products, and global thematic FIFs not available through domestically-owned Thai AMCs. Japanese equity funds have gained Thai retail inflow as yen-cycle and Nikkei performance attract yield-seeking savers.
Thai asset management company AUM comparison
Top Thai AMCs by assets under management, approximate FY2024
KASSET (KAsset Management)
Bualuang AM (BBL AM)
Krungsri Asset Management (KAsset)
Bank parent
Bank of Ayudhya (BAY, MUFG)
Est. AUM
~ $14.5B
Primary distribution
Krungsri branches, KMA app
| AMC | Bank parent | Est. AUM | Primary distribution |
|---|---|---|---|
| KASSET (KAsset Management) | KasikornBank (KBANK) | ~ $26.1B | KBANK branches, KBank app, MFC |
| SCB Asset Management | SCB (SET:SCB) | ~ $24.6B | SCB branches, SCB Easy app |
| Bualuang AM (BBL AM) | Bangkok Bank (BBL) | ~ $23.2B | BBL branches, institutional |
| Krungsri Asset Management (KAsset) | Bank of Ayudhya (BAY, MUFG) | ~ $14.5B | Krungsri branches, KMA app |
Key drivers 2025-2026
SET cycle
Thai equity-market AUM inflow
KAsset AUM growth in equity funds tracks SET performance and foreign-investor flow cycles. The 2023-2024 SET underperformance and foreign-investor net-selling reduced equity-fund AUM; a SET re-rating cycle driven by earnings recovery or foreign re-engagement would reverse this trend.
RMF-SSF season
Tax-advantaged fund annual inflow window
December-March RMF-SSF subscription season drives concentrated inflow into KAsset tax-advantaged products. KAsset competes on fund performance, tax-benefit clarity, and product breadth. SSF investment limit of $5,797per year per investor limits individual AUM concentration risk.
MUFG synergy
Japanese and Asian product cross-sell
MUFG parent enables KAsset to offer Japanese equity funds and Asian credit products with institutional performance track records not available from domestically-owned Thai AMCs. Thai retail appetite for Japanese equities and Asian bond diversification has increased as domestic SET returns have lagged global benchmarks.
Where this profile is featured
Reports that reference this entity in their operator concentration or analysis.
Related Market profiles
Peers, parents, partners, agencies, and other Capital Markets & Securities actors.
Competitor
MFC Asset Management
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KGI Securities (Thailand)
Taiwan-parent (China Development Financial) Thai listed broker; institutional, derivatives depth; FY2024 revenue ~ $58M.
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Thailand Futures Exchange (TFEX)
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Sector peer
Asia Plus Group
Standalone listed broker, asset-manager holdco; Asia Plus Securities, Asset Plus AM; FY2024 revenue ~ $52.2M.
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Reports featuring this profile
The Thai Mutual-Fund Industry: AUM Cycle, FIF Channel, and Foreign-Investor Access
BAY/Krungsri-affiliated AMC.
Open report →
Sits alongside 6 other Atlas profilesThai Tax-Advantaged Savings: RMF, SSF, Thai ESG Funds, and the Retirement-Saver Playbook
BAY/Krungsri-affiliated AMC.
Open report →
Sits alongside 5 other Atlas profilesRelated Market profiles
competitor
MFC Asset Management
Thailand's oldest asset-management company; listed standalone AM; ~THB 400B AUM; government, private-sector mandate depth.
competitor
KGI Securities (Thailand)
Taiwan-parent (China Development Financial) Thai listed broker; institutional, derivatives depth; FY2024 revenue ~THB 2B.
competitor
Thailand Futures Exchange (TFEX)
SET subsidiary operating Thailand's derivatives exchange; lists single-stock futures, SET50 index futures, oil futures, and gold futures.