Bualuang Securities (BLS) is accelerating the expansion of its private fund portfolio, aiming to increase assets under management (AUM) to 10 billion baht as rising demand for overseas investments drives strong growth in Thailand's depositary receipt (DR) market.
The company is focusing on global index DR portfolios and automated asset allocation solutions that allow Thai investors to gain exposure to world-class equities through local trading accounts.
"Investment trends are changing rapidly, requiring us to adapt our business strategy and emphasise investment advisory services," said BLS president Pichet Sithi-Amnuai.
"Investors want larger allocations for global DRs, particularly through private fund structures. As a result, we expect private fund AUM to increase significantly, with global DR investments becoming a major growth driver."
BLS aims to expand its total private fund AUM from 6-7 billion baht to 10 billion, supported by rising demand for professionally managed global investment portfolios.
Mr Pichet said DRs have become a gateway for Thai investors seeking international diversification without the complexity of opening foreign brokerage accounts.
Since BLS pioneered Thailand's DR market in 2018, investor participation and trading activity have grown substantially.
The market's focus has also shifted. While Vietnamese and Chinese equities previously attracted significant interest, investors are now increasingly allocating capital to US markets, particularly technology stocks and broad-based indices. Popular choices include DRs linked to the S&P 500 index as well as leading technology companies in the "Magnificent Seven" group, including Apple, Nvidia and Tesla, which continue to benefit from long-term growth in artificial intelligence and digital infrastructure.
Thailand's DR market has expanded rapidly, with total market capitalisation climbing to around 65 billion baht this year, up from 54 billion in 2025.
Average DR trading value per month was around 23 billion baht in 2026, rising from 15 billion the year before.
The number of listed DRs has surged to more than 400 and is expected to reach 500 by year-end.
Daily trading liquidity has increased significantly, reaching roughly 2-3 billion baht.
"DRs are increasingly viewed as a long-term asset allocation tool, enabling investors to diversify across major global markets while trading conveniently in baht under a regulatory framework requiring 100% backing by underlying securities," said Mr Pichet.
BLS is expanding its DR Global Index solutions model, which employs active asset allocation and quantitative investment models to optimise returns and manage risk. The strategy manages more than 420 million baht and is expected to reach 1 billion baht in AUM by year-end.
The brokerage is also broadening investment choices beyond equities. BLS is launching GOLDM01 on Thursday, a DR representing the SPDR Gold MiniShares Trust (GLDM), a US-listed exchange-traded fund backed by physical gold bullion.
The product offers Thai investors direct exposure to global gold prices through the Stock Exchange of Thailand.
BLS is also preparing to introduce SPACE01, offering access to the fast-growing space technology, satellite communications and next-generation aerospace innovation sectors.
With Thai investors increasingly seeking global diversification, the brokerage believes DRs will continue to serve as a bridge connecting local capital to international investment opportunities, from US technology leaders and global indices to gold and the space economy.
