Capital Markets & SecuritiesGold report

Published April 2026Insight Research19 min read2026 Edition19 sources, 19 primary-gradeVery high source depth

Thailand Asset Management & Mutual Funds Deep Dive

Thai AM ~THB 5T AUM. SCBAM, KAsset, BBLAM, Krungsri, KTAM, TMBThanachart, MFC. LTF sunset → SSF, RMF, Thai ESG Fund. Passive ~5-8% vs developed 40%+.

Key takeaways

1
Thai AM industry ~ AUM — bank-affiliated AMCs dominate with ~ aggregate share; independent, boutique AMCs hold ~.
2
AMC share: SCBAM (SCB X) ~, KAsset (KBank) ~, BBLAM (BBL) ~, Krungsri Asset (BAY) ~, KTAM (KTB) ~, TMBThanachart/Eastspring ~, Principal, MFC, Thai Samsung, others ~.
3
Tax-advantaged wrappers: LTF (Long-Term Equity Fund) sunset 2019 → SSF (Super Savings Fund), RMF (Retirement Mutual Fund); Thai ESG Fund launched 2023 added ESG-themed tax-advantaged category.
4
Product mix: fixed income, money market (~), equity (~), balanced (~), FIF foreign investment fund (~), alternatives, ETF, REIT (~).
5
Passive, ETF adoption ~ vs developed markets + — structural growth opportunity. Regulated by SEC, AIMC; distribution via bank branch, mobile app, broker, direct.

Executive summary

Thailand's asset management industry totals ~ AUM per AIMC (Association of Investment Management Companies) statistics — bank-affiliated AMCs dominate with ~ aggregate market share. Top-6 bank-affiliated: SCBAM (SCB X), KAsset (Kasikornbank), BBLAM (Bangkok Bank), Krungsri Asset (Bank of Ayudhya), KTAM (Krungthai), TMBThanachart AM / Eastspring (TTB). Independent, boutique: Principal Asset Management, MFC Asset Management (SET: MFC), Thai Samsung, smaller AMCs collectively ~ share.^{[, , , , , , , ]}

Tax-advantaged wrappers: LTF (Long-Term Equity Fund, minimum 7-year hold for tax deduction) sunset at end of 2019 after ~15 years as the dominant Thai equity fund vehicle. Replaced by SSF (Super Savings Fund, flexible multi-asset), RMF (Retirement Mutual Fund, retirement). Thai ESG Fund launched 2023 added ESG-themed tax-advantaged category to channel retail, HNW flows toward ESG-compliant equity, bond. SSF, RMF, Thai ESG Fund combined ~ AUM — material incremental flow. Product mix: fixed income, money market ~, equity ~, balanced ~, FIF (foreign investment fund) ~, alternatives, ETF, REIT ~.^{[, , , ]}

Passive, ETF adoption ~ vs developed-market + — structural growth opportunity, margin pressure. Morningstar Thailand, Bloomberg, Refinitiv Lipper track fund flow, performance. SET hosts Thai ETFs including SET50, SET100, Thai bond ETFs, ESG, global ETFs. Distribution: bank branch, mobile app, broker, direct. SEC regulates fund rules, AIMC provides industry body. BOT financial stability reviews monitor AUM concentration, liquidity.^{[, , , , , ]}

AIMC, SEC, BOT, AMC 56-1, Morningstar, Bloomberg, Refinitiv, SCB EIC, Krungsri Research

Data as of: FY2024

AMC market share (% of FY2024 AUM)

SCBAM

Share %

18%

Parent

SCB X

KAsset

Share %

17%

Parent

Kasikornbank

BBLAM

Share %

14%

Parent

Bangkok Bank

Krungsri Asset

Share %

12%

Parent

Bank of Ayudhya (MUFG)

KTAM

Share %

Parent

Krungthai

TMBThanachart / Eastspring

Share %

Parent

TTB, Eastspring JV

Principal, MFC, Thai Samsung, others

Share %

22%

Parent

Independent, smaller

AMC	Share %	Parent
SCBAM	18%	SCB X
KAsset	17%	Kasikornbank
BBLAM	14%	Bangkok Bank
Krungsri Asset	12%	Bank of Ayudhya (MUFG)
KTAM	9%	Krungthai
TMBThanachart / Eastspring	8%	TTB, Eastspring JV
Principal, MFC, Thai Samsung, others	22%	Independent, smaller

AIMC, AMC 56-1

Data as of: FY2024

Industry AUM trend (THB trillion, 2020-2024)

2020

AUM (THB T)

4.2

Context

COVID dislocation; equity drawdown, money-market shift

2021

AUM (THB T)

4.5

Context

Equity rebound, SSF/RMF flow stabilises post-LTF sunset

2022

AUM (THB T)

4.4

Context

Rate-rise headwind on fixed income; FIF flow softens

2023

AUM (THB T)

4.7

Context

Thai ESG Fund launch; equity recovery

2024

AUM (THB T)

5.0

Context

KAsset crosses $46.4B; SCBAM, BBLAM consolidate

Year	AUM (THB T)	Context
2020	4.2	COVID dislocation; equity drawdown, money-market shift
2021	4.5	Equity rebound, SSF/RMF flow stabilises post-LTF sunset
2022	4.4	Rate-rise headwind on fixed income; FIF flow softens
2023	4.7	Thai ESG Fund launch; equity recovery
2024	5.0	KAsset crosses $46.4B; SCBAM, BBLAM consolidate

AIMC, KAsset, SCBAM, BBLAM disclosures

Data as of: FY2024

Product mix (% of FY2024 mutual fund AUM)

Fixed income, money market

Share %

45%

Dynamics

Largest; rate-sensitive; preferred safe-haven

Equity (domestic, FIF combined)

Share %

30%

Dynamics

SET equity, Thai ESG Fund, global equity feeders

Balanced, multi-asset

Share %

12%

Dynamics

SSF multi-asset target; goal-based investing

Foreign Investment Fund (FIF feeder)

Share %

Dynamics

US, global, China, healthcare, tech themes

Alternatives, ETF, REIT, property

Share %

Dynamics

Property funds, SET REITs, infrastructure funds

Product category	Share %	Dynamics
Fixed income, money market	45%	Largest; rate-sensitive; preferred safe-haven
Equity (domestic, FIF combined)	30%	SET equity, Thai ESG Fund, global equity feeders
Balanced, multi-asset	12%	SSF multi-asset target; goal-based investing
Foreign Investment Fund (FIF feeder)	8%	US, global, China, healthcare, tech themes
Alternatives, ETF, REIT, property	5%	Property funds, SET REITs, infrastructure funds

AIMC, AMC disclosures, Morningstar Thailand

Data as of: FY2024

Industry KPIs at a glance

Mutual fund AUM (FY2024)

~ $144.9B

AIMC industry aggregate

KAsset AUM

$46.7B

Mutual ~1.19T, provident ~246B, private ~172B

Thai ESG Fund tax cap

$8,696 / yr

Up to 30% of assessable income; 5-yr hold

SSF, RMF deduction cap

$14,493 / yr

Combined with provident, annuity, pension

Passive, ETF share of AUM

5-8%

Vs developed-market ~40%; structural gap

Bank-affiliated AMC share

~78%

Top 6 bank AMCs dominate distribution

AIMC, KAsset, Revenue Department, SCB EIC, Morningstar

Data as of: FY2024

Analyst framing

Why this report

Thai AM is bank-AMC-dominated, LTF sunset, SSF/RMF/Thai ESG Fund tax-advantaged, passive/ETF structurally low. Channel, distribution, product innovation are growth variables.

AMC, product, wrapper playbooks

Bank-affiliated AMCs: SCBAM (SCB X), KAsset (KBank), BBLAM (BBL), Krungsri Asset (BAY), KTAM (KTB), TMBThanachart AM / Eastspring (TTB) dominate ~80% of AUM via bank branch, mobile-app, wealth-manager, private-banking distribution. Each bank cross-sells its own AMC products — bancassurance, wealth-management integrated strategy. Independent, boutique: Principal Asset Management, MFC Asset Management (SET: MFC, listed), Thai Samsung, smaller ~22%.

Tax-advantaged wrappers: LTF (Long-Term Equity Fund) was the dominant Thai equity fund vehicle 2004-2019; sunset at end 2019. SSF (Super Savings Fund, flexible multi-asset, 10-year hold), RMF (Retirement Mutual Fund, retirement savings) replaced the tax-deduction function. Thai ESG Fund launched 2023 added ESG-themed tax-advantaged category (additional deduction separate from SSF limit). Combined SSF, RMF, Thai ESG Fund AUM ~THB 1 trillion. Post-2019 Thai retail flow increasingly toward foreign investment funds (FIF), feeder funds offering global equity, bond exposure.

Passive, ETF opportunity: Thai passive, ETF adoption ~5-8% of AUM vs developed-market 40%+ — material structural growth potential, margin compression risk. SET ETF directory lists SET50, SET100, Thai bond, ESG, global ETFs. Fund-flow data via AIMC, Morningstar, Bloomberg, Refinitiv. Distribution evolution: bank mobile apps (K-PLUS, SCB EASY, Krungsri, KTB NEXT) integrate AMC fund purchase, SSF/RMF/Thai ESG Fund contribution with checkout flow; robo-advisory, goal-based investing emerging.

Top 6 bank-affiliated AMCs — comparison

Swipe sideways to compare columns.

	Parent group	AUM (THB T)	Product strength	Distribution lead
KAsset (KBank)	Kasikornbank, KBank Capital	~1.61	Equity, Thai ESG/SRI leader (~28-37% share)	K-PLUS app, KBank wealth, branch RM
SCBAM (SCB X)	SCB X holdco	~1.55	Multi-asset, FIF, REIT	SCB EASY app, SCB Wealth, FWD bancassurance cross-sell
BBLAM (Bangkok Bank)	Bangkok Bank	~1.20	Fixed income, SET equity, provident funds	BBL Mobile, branch, corporate provident book
Krungsri Asset (BAY)	Bank of Ayudhya (MUFG)	~1.05	FIF (Krungsri Global), balanced	Krungsri Mobile, MUFG cross-network, wealth
KTAM (KTB)	Krungthai Bank	~0.80	State-related, infrastructure, SET50 ETF	KTB NEXT, public-sector provident, branch
TMBThanachart AM / Eastspring	TTB, Eastspring (Prudential) JV	~0.70	Global mandates via Eastspring, FIF	TTB Touch, branch, advisor network

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