French asset manager Amundi has opened a new subsidiary in Bangkok, Thailand to expand its presence in southeast Asia.
The new unit, Amundi Mutual Fund Brokerage Securities (Thailand), will be led by Prapatpong Weeramon, Asian Investor reported.
Prior to joining Amundi, Weeramon worked at ANZ Group’s Thai representative office, where he was responsible for financial institutions and public-sector relationships. He also worked Citibank, most recently as head of the services and public sector groups, covering Thailand, Laos and Cambodia.
The wholly owned subsidiary has also received a mutual fund brokerage license for distribution in the country under the ASEAN collective investment scheme (CIS) passporting scheme.
The new office will employ three staff assisted by the firm’s operations in Singapore.
However, Amundi does not intend to recruit any new staff in the near term.
The new firm will distribute funds through brokers, commercial banks, asset management firms and insurance companies in Thailand and will also offer baht share class ASEAN CIS funds and Amundi’s global strategies.
In August this year, Amundi has received license to operate in Thailand.
Pascal Blanque, head of institutional clients and third-party distributors and CIO at Amundi, said: "Amundi’s plan in Southeast Asia and globally is to deepen and enlarge the already strong historical presence in the institutional space."
The asset manager had been expanding its presence in Malaysia since January this year by providing conventional and Sharia-compliant equity and bond strategies in the country.
As of 30 June 2014, Amundi had managed assets worth $1.1 trillion globally.