SCB-Julius Baer CEO On The New Paradigm of Wealth Management
For Jiralawan Tangitvet, the CEO of SCB-Julius Baer Securities, these are exciting times as the newly-formed banking entity looks to become a powerhouse in Thailand’s nascent private equity management sector. As the executive explains, “Wealth management is about maximising returns in the long run. It is actually about looking beyond the current situation into the future, and how you want the assets that you have built over the years to grow so that they can be passed down to future generations.”
Compared to the likes of Hong Kong and Singapore, Thailand is relatively new to the private banking field. However, new does not mean inexperienced and this joint venture has proven how a localised understanding of the Thai context, combined with Julius Baer’s 130 years of private banking expertise, is a match made in heaven.
“Tailor-made wealth management is something that everyone is talking about now, but it’s still rather new in Asia,” says Jiralawan. “In Thailand in particular, the capital and property markets only started to emerge 15 to 20 years ago following the financial crisis. Hence in the past two decades people—certainly those in their 50s, 60s and 70s—have become much more aware about wealth preservation and passing on their assets to the next generation. In a nutshell, what they are now looking for are dependable private wealth management solutions with a strategic and trustworthy succession plan built in.”
Because of the ever-changing economic climate across the globe, it is important to maintain a long-term financial vision. In order to cater to a high net worth clientele, SCB Julius Baer understands that trust and proven expertise is crucial to forming fruitful relationships.
“Julius Baer is one of the oldest private banks in the world with an impeccable Swiss pedigree. Its services are tailored to focus on high net worth investors and offer an open architecture model covering an extensive portfolio of products. Colloquially speaking, it means that any product that you are looking to invest in, Julius Baer will have it,” the CEO says, adding, “SCB is over 110 years old and second to none in Thailand when it comes to understanding banking and finance at a local level.”
Julius Baer has a footprint in many countries. However, this new joint venture between SCB and Julius Baer marks a different and very exciting beginning for high net worth individuals. As Jiralawan explains, “What makes us, SCB Julius Baer, different, is that we are truly based in Thailand. The business was created to focus specifically on Thai people and other residents in Thailand. Our partnership with Julius Baer was born out of our trust in their history, their portfolio and the proven expertise that they have demonstrated over the past century. What we are doing is bringing all of that experience to bear in Thailand without any compromise, hence eliminating the process of trial and error. We don’t risk our clients’ money or their assets.”
Though new, SCB Julius Baer is not starting out from scratch, as Jiralawan acknowledges.
“Setting up the business, it is as if we are importing the company, along with their portfolio and know-how, from Zurich straight to Thailand so that SCB Julius Baer clientele can access private banking services of an international standard from the comfort of our Bangkok office. We differ from other players in the field who have private banking as a department of wider banking operations. SCB Julius Baer focuses solely on private wealth management as a financial entity in its own right. In terms of scale, we are talking about a very big company because SCB stands as a major shareholder. Having that connection is very important. We have an advantage with SCB as a mother company because we understand the values and preferences of our clients. That’s the key—knowing what your clients want and anticipating what they might need in the future. That is why we believe we can effectively grow a client base in Thailand.”
With over 25 years in financial functions, Jiralawan’s appointment as CEO has been earned through hard work and experience. Sharing her vision and work ethic she says, “Aside from building this company, my other goal is to build people. There aren’t many local people who are qualified to work in this field yet, so we have to create them, we have to train and equip them with knowledge. We will invest in our staff to ensure that they are able to operate to the exceptionally high standards expected by Julius Baer.”
See also: SCB Julius Baer Launches With 'The Symphony Of Trust" Gala Night