Singapore-based TriLake Partners recently expanded its footprint into Thailand, where it will target various client segments including expatriates in the country, chief operating officer Patrick Lauener told finews.asia.

Last month, TriLake Partners opened a new representative office in Bangkok after receiving approval from regulators. The office will only play a marketing and referral role to the external asset manager’s (EAM) parent company in Singapore.

TriLake is now preparing to fully operate and a key area of focus will be hiring. It plans to add around four to six staff in the coming year, including senior relationship managers. Half of the hires are expected to be local talent with the other half being foreign talent.

Hiring Challenges

There are some unique challenges for EAMs when recruiting in Thailand. Firstly, there are difficulties in hiring foreign talent due to constraints from labor laws. Secondly, hiring local talent could also be challenging as the concept of EAMs is relatively new and unfamiliar in the country.

«Bringing someone out of the comfort zone of the bank is always a little bit challenging, not only for the relationship manager but also for the client,» said TriLake partner and chief operating officer Patrick Lauener in a conversation with finews.asia. «We will proceed very carefully. We want to make sure we have the right people on board.»

Target Segments

One of the main client segments that TriLake will target is high net worth expatriates by offering wealth management advisory services as well as succession planning services. 

According to Lauener, these expats originate from Japan, Europe, US and other Asian countries. Many are located in Bangkok while working for multinational corporations. 

New Tax Regime

Although TriLake will also target wealthy local families, there are some hurdles to face, including a fresh regime that will tax income generated abroad and brought into Thailand. The new rules will come into effect from 1 January 2024 onwards.  

«In the light of these upcoming changes, the banks and EAMs will probably need to rethink and adjust their approach and offering,» Lauener added.