Thai firm leads US dollar funds surge
Thailand’s largest USD-denominated fund manager has grown its assets under management from $23.77 million to $436 million in under two years, capturing nearly three-quarters of the market as local investors seek global exposure without leaving the baht behind.
The push into dollar-denominated funds
UOB Asset Management launched its first USD fund in March 2025 with $23.77 million in AUM. By July, it had become the market leader with AUM reaching $251 million, and by December, AUM had climbed to $418 million—53% of the entire Thai USD fund sector.
The firm held that lead into 2026, ending April with $436 million and a 72% market share. Investors are seeking solutions that combine quality, yield, and high liquidity, driving the expansion of USD-denominated products to preserve and grow assets under management.
The strategy targets both retail and institutional clients, many of whom already hold USD in Foreign Currency Deposit accounts but earn little return.
A full shelf of dollar products
UOBAMTH now offers a full suite of USD-denominated funds. The first wave included short-term USD Term Funds with three- and six-month tenors, designed to build investor confidence before introducing more complex options.
Later, the firm launched USDAILY, Thailand’s first USD-denominated daily fixed-income fund, allowing daily subscriptions and redemptions. It added UGIS-USD, a global fixed-income fund that invests in global fixed income instruments to generate returns in US dollars, and USDREADY, a short-duration fund aiming to generate returns in line with money market performance.
The firm’s rapid growth reflects a broader shift among Thai investors, who are increasingly looking beyond domestic markets. While FCD accounts remain popular, their low yields have pushed savers toward funds that offer both liquidity and higher returns.
UOBAMTH’s dominance may not last forever. Competitors are already expanding their own USD fund lineups, and regulatory changes could affect the market. Still, for now, the firm’s early move and disciplined execution have given it a clear lead.
The goal is to build a platform that gives Thai investors the same access to global markets as anyone else.
