COVID-19 pushes Thai asset manager to the top

Bangkok Commercial Asset Management’s shares ballooned by 74% this year.

Thailand’s Bangkok Commercial Asset Management (BAM) has become the world’s top asset management firm amidst the coronavirus outbreak, Bloomberg reports.

BAM’s shares ballooned by 74% this year and delivered the highest total return in the period with a market value of at least $1b. Stock has nearly doubled since its December listing.

The firm was established to manage lenders’ bad debts that had been seized or shuttered by the central bank after the 1997 Asian financial crisis. In December, it sold 1.77 billion shares for $990m (BHT30.9b) in Thailand’s second-biggest IPO in 2019.

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