Asia's top fund houses by market, explained part 2

AsianInvestor's Asset Management Awards continue to be the gold standard for excellence recognition in the Asia Pacific institutional investment landscape, closely monitored by industry professionals across the region.

In this second part of our coverage on Asia's top fund houses by market, AsianInvestor highlights excellence in asset management across The Philippines, Singapore, Taiwan, Thailand, and Vietnam.

Our distinguished judging panel, consisting of independent industry veterans and senior executives from major asset owners, applied their expertise to evaluate submissions based on performance, innovation, and strategic positioning within each market's unique landscape.

The editorial team carefully reviewed these assessments to determine the final winners, ensuring that each selected institution truly represents the pinnacle of asset management in their respective market.

Today's announcement completes our regional market awards coverage, showcasing outstanding fund houses that have demonstrated exceptional capabilities in navigating the distinctive opportunities and challenges present in these five dynamic economies.

We were impressed by the calibre of entries from these markets, reflecting the increasing sophistication and competitive intensity across Southeast Asia and Taiwan's investment landscapes.

AsianInvestor would like to express our appreciation to all participants in this category and our profound gratitude to the judges whose insights were invaluable in identifying truly exceptional market leaders.

Philippines:  ATRAM Asset Management

ATRAM Asset Management delivered an exceptional year of growth and innovation in 2024, reinforcing its status as the Philippines’ leading independent asset manager.

With a 34% year-on-year rise in assets under management—reaching PHP 387 billion—ATRAM became the first independent manager to enter the top four by AUM, a landmark achievement in a traditionally bank-dominated market.

Much of this success stemmed from ATRAM’s deepening engagement with institutional investors.

“ATRAM’s strong momentum in the corporate segment has been a key driver of its AUM growth,” judges said of ATRAM’s entry. “While the breakdown of investment types wasn’t specified, the firm’s innovative adoption of public cloud technology clearly stood out.”

Its institutional AUM grew by 36%, buoyed by 19 new mandates worth over PHP48 billion, including significant wins with major insurance providers and electronic money issuers adapting to new regulatory frameworks.

Revenue from institutional clients more than doubled, up 128% from the previous year, underscoring strong trust in ATRAM’s customised investment solutions.

Innovation remained a central theme. ATRAM expanded its suite of feeder funds—capturing nearly half the market—and pushed boundaries with digital platforms like ATRAM Prime and Wealth 360.

Built in collaboration with Swiss fintech Additiv, Wealth 360 gave clients a real-time, holistic view of their portfolios, helping set a new standard for digital wealth management in the region.

By combining scale, innovation, regulatory foresight and client-first service, ATRAM Asset Management continues to redefine what’s possible for asset managers in the Philippines—and across the broader ASEAN region.

Singapore: HSBC Asset Management

HSBC Asset Management had a stellar year in Singapore, underpinned by robust business growth, platform expansion and a deepening of institutional relationships.

Assets under management rose 35% year-on-year to reach $769 billion globally, while the Singapore office doubled headcount over two years, reflecting its rising regional prominence.

At the heart of its local growth strategy was the launch of a pioneering Singapore Dollar Liquidity Fund — the first of its kind offered by an international fund manager — and the buildout of a Variable Capital Company (VCC) platform to serve Southeast Asian clients more effectively.

Strategic acquisitions further broadened capabilities: the integration of SilkRoad Property Partners brought real estate AUM of $1.6 billion and added depth to HSBC AM’s alternatives platform.

The firm captured significant institutional flows, winning mandates across insurance, sovereign wealth and pension funds, and attracting new assets into both public and private markets.

It also brought energy transition investing to the fore through its ETI Fund, with recent co-investments focused on solar and battery storage projects in Japan and Taiwan.

Supported by a dedicated client service team and bolstered by HSBC’s global network, the firm’s Singapore business is now a regional hub for innovation and alternative investing.

Singapore (Highly Commended): UOB Asset Management

UOB Asset Management (UOBAM) has demonstrated why it remains one of the region’s most trusted and forward-thinking investment managers.

With a strong local heritage and presence across nine Asian markets, UOBAM posted an impressive 14% year-on-year growth in assets under management, reaching S$35.3 billion in Singapore as of September 2024.

Despite a conservative market backdrop, UOBAM expanded its institutional mandates by 12% and gained recognition as one of Singapore’s top four asset managers by AUM, outperforming several global peers.

A key driver of this success was the firm’s deep understanding of ASEAN markets and its ability to blend regional perspective with local insight.

UOBAM also stood out for its focus on digital innovation. Its AI-Augmentation framework, which powers both equity selection and asset allocation, exemplifies how cutting-edge technology can work hand-in-hand with human expertise.

While just shy of the top honour this year, UOBAM’s achievements were notable.  We look forward to seeing their continued momentum in the years ahead.

Taiwan: Cathay Securities Investment Trust

Cathay SITE cemented its status as Taiwan’s largest asset manager in 2024, growing its AUM by 44% year-on-year to approximately US$70 billion and securing a dominant 17.19% market share.

This performance was driven by a strong equity rally, increased bond allocations amid Fed rate cuts, and strategic growth across retail and institutional segments.

The firm added over 594,000 new investors, reaching more than 2.8 million beneficiaries—a 21% increase from 2023.

Its flagship Cathay MSCI Taiwan ESG Sustainability High Dividend ETF attracted more than 1.5 million clients, making it the country’s most widely held ETF.

Cathay SITE also deepened its institutional footprint, managing mandates from leading global insurers like Nippon Life. Simultaneously, it pushed financial inclusion by partnering with e-payment platforms Easy Wallet and PlusPay, giving over 44 million users the ability to invest via mobile wallets.

Innovation remained core to its strategy.

The firm launched a new app that streamlines ETF and mutual fund tracking, integrates dividend and tax insights, and offers real-time portfolio tools. It also encouraged green investing, with over 220,000 investors opting for paperless dividend notices.

With 100 seasoned investment professionals and a comprehensive ETF lineup ($33.5 billion AUM, up 81% YoY), Cathay SITE’s scale, client-centricity, and digital capabilities made a strong impression on the judging panel.

Thailand:  Krung Thai Asset Management

Krung Thai Asset Management (KTAM) posted a remarkable year in 2024, showcasing 12 months of strong product development, digital innovation, and client-focused growth.

With assets under management rising by $5 billion to $28.4 billion, KTAM became the third-largest mutual fund manager in the Thai market.

The firm stood out for its stong product development and digital innovation. Its Vayupak Fund 1 Type A (VAYU1) raised $5.4 billion, plus an additional $1.3 billion in oversubscriptions.

KTAM also launched the KT US Private Credit Fund and expanded globally with its KT-Japan All Equity Fund, now a 5-star Morningstar-rated product.

Judges were especially impressed by KTAM’s responsiveness to investors and its public-facing efforts.

“The firm has demonstrated incremental business growth and has gone the extra mile to support financial literacy,” one panellist noted.

“Additionally, the company is committed to providing daily market updates through its social media channels. The number of followers on these platforms reflects alignment with the firm’s AUM.”

KTAM’s digital tools—including the Smart Trade platform and LINE chatbot—alongside over 250 financial education events, underscored a year defined by client-centric innovation and steady growth.

Thailand (Highly Commended): Krungsri Asset Management

Krungsri Asset Management achieved its strongest year of AUM growth since the onset of COVID-19, rising 14% to reach THB643 billion across mutual, private, and provident funds.

Impressively, its mutual fund inflows were among the top four in the Thai market despite not participating in the dominant Vayupak fund.

The firm expanded its reach with more than 58,000 new customer accounts and welcomed new distribution partners from the banking and insurance sectors. Its digital access platform and social media presence supported this broader outreach, with online users growing 9% year-on-year.

Krungsri also launched a range of global and thematic funds to match evolving investor appetites and continued enhancing its multi-channel service model.

Judges were impressed by Krungsri’s solid business growth and consistent investor engagement. With a highly experienced leadership team and renewed focus on product diversification, the firm is well placed to build on its momentum in 2025.

Vietnam: UOB Asset Management

UOB Asset Management (Vietnam) marked a standout year in 2024, with impressive growth in both scale and innovation.

Assets under management surged 92% to over VND1.39 trillion, while revenue climbed 211%, reflecting the firm’s strong institutional relationships and expanding retail reach.

The launch of Vietnam’s first ESG equity fund, the United Vietnam ESG Equity Fund (UVEEF), marked a turning point for responsible investing in the country.

Since inception, UVEEF returned 46.31%, outperforming its benchmark by over 15 percentage points.

UOBAM Vietnam also introduced the United Vietnam Dynamic Income Fund and a bespoke segregated account service, offering tailored solutions across a range of risk profiles.

The firm onboarded over 5,200 new clients during the year and maintained a client retention rate of 99.65% for direct UOB clients.

A strategic expansion of its distributor network and regular financial education events helped retain client loyalty and broaden access.

Judges praised UOBAM Vietnam’s “impressive AUM and revenue growth” and its role in “pushing ESG and product innovation forward in an important emerging market.”

“UOBAM Vietnam has achieved remarkable AUM growth of over 90%. Compared to other Vietnam asset management firms, the fund house stands out for its sustainable investment practices through ESG principles,” noted one judge.

Vietnam (Highly Commended): VinaCapital

In a year marked by market volatility, VinaCapital impressed judges with its steady growth and consistent fund performance across both local and offshore strategies.

The firm saw a commendable 18.4% increase in total AUM to $1.59 billion, underpinned by a near-doubling of local fund assets and strong inflows into its Vietnam UCITS Fund (VVF), which jumped 40% year to date.

“VinaCapital’s AUM growth reflects the strength of its model,” one panel judge noted. “With awards like Best Fund House and Best CIO, it’s well-positioned to deepen investor engagement by embracing digital tools and exploring sustainable, next-gen strategies.”

VinaCapital’s equity funds led the domestic market in performance and attracted the largest net inflows in their peer groups.

The firm also deepened investor engagement through extensive training programmes and high-touch client events across the region. Notably, VinaCapital invested in its digital infrastructure, launching an upgraded MiO platform with eKYC and rolling out internal tools to improve fund reporting and compliance.

While it narrowly missed out on the top prize, VinaCapital’s 2024 performance underscored its strong franchise and strategic evolution. The firm remains a benchmark for excellence in Vietnam’s asset management sector