In a year when Thailand’s private banking industry faced a big test, Kiatnakin Phatra Securities proved its mettle to clients – and to Asiamoney – with its prowess in discretionary portfolio management.
Despite the difficult environment, Narit Kosalathip’s wealth management team achieved record performance on many counts in 2021, both quantitative and qualitative. Assets under management, for example, jumped 35.3%, year on year, to $21 billion, while revenue rose 32.3%, year on year.
Among last year’s key growth drivers was discretionary portfolio management, which brought in record revenue of $57 million, or a 32.3% year-on-year increase.
Even more important than the scale of the revenue growth was the quality. Recurring income rose 72%, year on year, while recurring revenue increased to 31.4% from 24.2% of total revenue – reflecting both diversified sources and Kiatnakin Phatra’s effort to encourage clients to take a portfolio approach and adopt a long-term investment horizon.
The addition of new offshore and alternative-investment products unique in the onshore Thai market increased yields on assets to 32 basis points from 27 basis points. The cost-to-income ratio also improved to 57.8%