ThailandÆs asset management industry has grown by one name, with investment arm of Phillip Securities officially opening its doors for business. Phillip Asset Management arrives on the Thailand scene as its 21st mutual fund provider and will initially target clients from the existing customer base of its parent company.

It is the third entrant to this market this year, following rival broker Seamico as well as Manulife Asset Management.

The firm plans to offer funds later this year, which will likely include retirement and money-market products. In June, it launched its first long-term fund (LTF), an instrument promoted by the Stock Exchange of Thailand to boost liquidity and encourage retail investment. PhillipsÆ LTF raised nearly Bt6 billion ($192 million).

Phillip Asset Management will also look to launch foreign investment funds and possibly products like derivatives or structured notes as it gains a greater foothold in the market.

Suchai Suthasthamkul, managing director of Phillip Securities, and Vattana Vongseenin, deputy CEO of Phillip Asset Management, will run the new business. Vattana joined the firm from Thai Life Insurance where he was deputy director for its provident fund.

The final step before receiving the green light to open doors was to receive SEC approval for its operating systems. Phillips put in place a system vended by DST International to bring its risk management and other functions up to snuff.