Aberdeen Asset Management has named a new CEO for Thailand, taking the reins from the previous incumbent who had held the role on a temporary basis.

Aberdeen Asset Management, the UK-listed firm, has appointed Korawut Leenabanchong as chief executive officer. He joins from UOB Asset Management in Thailand where for the past ten years he was chief investment officer.

The acting country head, Sujaree Junsawang, has left the company. He had held the role on an interim basis.

The new CEO brings more than two decades of industry experience, not only as an analyst and investor but as an experienced team manager with a strong performance record. He also has wide knowledge of the investment industry and clients as well as experience working under a foreign-owned asset manager. He previously held posts at Tisco Asset Management and Dresdner Kleinwort in Bangkok.

In his new role at Aberdeen, Leenabanchong will be responsible for shaping the company’s strategy, with a focus on new business development. To this end he will work with Adithep Vanabriksha, chief investment officer, and other functional heads. He will report to Ian Macdonald, director in Singapore.

Aberdeen has had a presence in Thailand for over a dozen years, the past nine as a wholly owned company. It is the leading manager of foreign investment funds (FIF) in the country by number of funds.

Hugh Young, Aberdeen Asset Management Asia’s managing director in Singapore said: “Khun Korawut’ s appointment signals our confidence in the Thai market, where we see exciting potential especially in the distribution of mutual funds via local retail banks, and in provident funds as more companies outsource their pension arrangements. His leadership will be vital as we embark on this next expected phase of growth.”

Leenabanchong will join Aberdeen Asset Management on 1 July.