Aberdeen first started operating in the Kingdom four years ago, after acquiring about a 40-per-cent stake from the Wanglee Family before launching a Bt245-million takeover that completed in February 2005. That deal made it the first wholly foreign-owned asset management firm in Thailand.

Its managed assets have risen from Bt16.9 billion in April 2002 to Bt26.7 billion today.

Its equity funds have outperformed the market, but with no bank support, Penaloza said that most of his company's customers were walk-ins. Active sales through CitiBank may help but the company needs to extend its distribution arm.

"There's lot of opportunity in the Thai market. We've been here only four years but we've seen huge growth, bigger than what happened decades ago," said Penaloza.

The venture was originally established in 1994 by Nakornthon Bank, which was once owned by the Wanglee family and Schroder Investment Management.

After the 1997 financial crash, the Wanglees held 20 per cent, while Schroder held the rest.

Schroder later sold all of its shares to the Wanglees, who then sought another foreign partner that could provide the necessary expertise to manage the firm.

Piyarat Setthasiriphaiboon