SCBAM eyes 3-5% growth in assets

SCB Asset Management (SCBAM) aims to grow its assets under management (AUM) by 3-5% this year from 1.6 trillion baht recorded in 2022.

Chief executive Narongsak Plodmechai brushed aside any impact from the collapse of Silicon Valley Bank (SVB) in the US.

“We realised minimal impact from the SVB collapse as SCBAM has a small investment exposure in the bank through a master fund,” he said yesterday.

SCBAM reduced investment in US financials before SVB collapsed because of concerns about the financial status of small institutions there.

As a result, the company took preventive action by avoiding investment in this group, said Mr Narongsak.

The US banking turmoil should eventually be controlled, with SCBAM projecting the stock market to recover in the second half after the US and European crises settle.

The firm recommends investment in long-term US government bonds…