Seamico Securities hires institutional sales farang

Seamico Securities hires institutional sales farang

By Simon Osborne | 17 November 2006

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One of Thailand’s leading independent brokerages picks up Andrew Yates from Merchant Partners.Andrew Yates has been hired by Seamico Securities in Bangkok as vice president of foreign institutional sales.

He will report to senior vice president of foreign institutional Khun Suleeyaporn Tasanasrit. The now-complete team also includes two dealers.

Yates replaces Michael Fernandez, who left Seamico to work with former Seamico CEO Bob McMillen at McMillen Advantage Capital in Dubai, a new corporate finance company understood to be backed by various Asian investors, including, inter alia, Simon Murray.

Andrew Yates, speaking from Bangkok, adds: “Seamico offers a strong platform for clients with regards to having English research, a big capital base, an active investment banking unit and also offshore settlement which is increasingly important for clients.”

Seamico Securities won a hat trick of FinanceAsia’s Best Thai Broker trophies earlier in this decade. Seamico institutional broking department reportedly accounts for over 6% of all foreign business transacted on the Thai market and over 10% of the entire market.

Seamico’s market share including retail has slid since peaking in 2003 when it was the number two Thai broker (behind Kim Eng), with a 7.2% market share. In the year to date it has a 3.75% share and remains a top 10 broker. It did lose a number of retail marketing staff to BFIT Securities, but remains strong in investment banking, and has one of the widest English-language research engines of any broker with over 140 stocks covered. Seamico has also recently obtained a mutual fund license and has set up Seamico Asset Management as a wholly owned subsidiary.

Yates adds: “Khun Sulee and I want to build up the institutional business to rival other local brokers. We will unlikely be in the same league as UBS or CSFB but we want to regain the top local broker title.”

Andrew Yates first came to Thailand in January 2001 from Hong Kong to work at ING Barings (now owned by Macquarie Bank). Prior to this Seamico role he spent two years at Merchant Partners, a new Thai brokerage run by the well-connected Thai financier Kasemsit Pathomsak. Merchant is yet to announce a replacement. Yates has also been working for Asia’s distressed debt tai-pan Rob Appleby at ADM Capital, advising on Thai investments.

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