Bangkok-based Krung Thai Asset Management will install a new chief executive on May 2, following the retirement of Somchai Boonnamsiri last month, AsianInvestor has learned.

Chavinda Hanratanakool, senior executive vice president for property fund and private fund management, has been promoted to the post after going through a selection process. 

Boonnamsiri (pictured left) has turned 60, the mandatory retirement age for state enterprises, having been CEO since November 2007.

KTAM is the country’s third biggest asset manager, with AUM of Bt545.1 billion ($16.6 billion) as of end-2013, up from $10.2 billion in September 2010. The firm has received AsianInvestor's award for Thailand fund house of the year several times under Boonnamsiri's stewardship, including in 2013.

Chavinda had been one of his six deputies and was also closely involved in the set-up of the Tesco Lotus Property Growth Fund two years ago, having been with KTAM since January 2010. She is also treasurer and registrar of Thailand’s Association of Investment Management Companies.

Her remit – property funds, Reits and infrastructure funds – is an important contributor to KTAM’s income and AUM, Boonnamsiri tells AsianInvestor. He sees it as being the major contributor to growth of the investment industry in Thailand.

He is still involved on a part-time basis with three companies – one listed and two applying for listing – and as a director and financial and investment adviser to Tipaporn Chearavanont, CEO of Magnolia Quality Development Corp, a real estate company under CP Group.

Boonnamsiri had been CEO of KTAM since November 2007, and have overseen a rise in AUM from Bt211 billion as of end-2007 to Bt545.1 billion at end-2013. His other positions have included being president of Ayudhaya Development Leasing Co for three years, president of Wall Street Finance & Securities for seven years, manager in the financial institution group at Citibank in Bangkok.

He has also held a range of board roles concurrently, including the chairmanship of brokerage Wall Street Tullett Prebon and directorships of other companies.