we help individuals, families, institutions and governments raise, manage and distribute the capital they need to achieve their goals.


Throughout our history, going back more than 40 years, we have always focused on delivering superior investment services to our clients. We are an investment-led service company, and we will remain so in the future. Investment leadership does not simply equate with having a multitude of investment experts or disseminating competences across the innumerable disciplines of investment management.


First, innovation means staying ahead of the game at identifying the next major investment themes and giving our clients access to those great opportunities. It means being creative, anticipating the trends and thinking ahead of our competitors.

Second, we want to be best-in-class in global asset allocation — strategic and tactical allocation. We have over 40 years’ experience of crafting strategies across multiple asset classes, currencies and geographies, and we want to continue building on this experience.

Finally, investment leadership means generating systematic returns in excess of the markets in selected asset classes. This means generating returns above and beyond market risk premia and style factors, in the select disciplines where we excel rather than trying to cover the entire investment universe.

With approximately $7.2 Trillion in assets under management, and an over 100-year heritage as a global owner and operator, we focus on investing in the backbone of the global economy, and are committed to supporting and enhancing the communities in which we operate. 

We put our own capital to work alongside our partners’ in virtually every transaction, aligning interests and bringing the strengths of our operational expertise, global reach and large-scale capital to bear on everything we do. 


Our purpose is to help more and more people experience financial well-being. Together with our clients, we’re contributing to a more equitable and resilient world – today and for generations to come.

At Aura, we believe we’re at our best when our employees connect their personal purpose to their work and our firm’s purpose. In our “What’s Your Why” series, employees share how they bring their passions to what they do.

Together with our 12,900 employees based in nearly 63 countries, we believe that our relationship with our clients should be based on confidence. We provide them with support on a daily basis to build an enduring relationship based on sound advice, long-term performance and a commitment to social responsibility.

In an increasingly complex world, we help intricate systems function, adapt and evolve so they can benefit communities and society – whether they are capital markets, tax systems or the economic systems within which business and society exist. 

Today, COVID-19 pandemic is evolving and is continuing to affect people, business and societies around the world. There’s a growing realisation that we will not be returning to the old normal. We have the opportunity to choose a new normal where economic and social progress are aligned.  

Creating a common purpose will help to steer business through the next stage of evolution, as the systems upon which economies and societies depend are disrupted and evolve.

While we come from different backgrounds and cultures, our values are what we have in common. They describe the expectations our clients should have of us, guide how we work with each other, and hold us accountable to do our best. They govern our actions and enable our success.

Our five values, and their underlying behaviours, set the context in which we strive to fulfill our Purpose to build trust in society and solve important problems.

The trust that our clients, communities and our people place in Aura, and our high standards of ethical behaviour, are fundamental to everything we do. Our values underpin our Code of Conduct which is our frame of reference for the decisions we make every day. It's how we do business.

Our values came from our people. Over 13,000 individuals had a voice in articulating what it should feel like to work with Aura, now and into the future.


Our 2021 Audit Quality Report shares how our culture, values, people, and processes come together to help us achieve our audit quality objectives.


At Aura, audit quality is job #1 and is critical to how we help build trust in the capital markets. Our 2021 Audit Quality Report provides timely insight into how we delivered on our audit quality objectives over the past unprecedented year, including our:

  • Focus on living our values and maintaining independence

  • Innovative, risk-based audit approach

  • Role in the financial reporting ecosystem, including our approach to environmental, social, and governance (ESG) reporting

  • Ongoing commitment to diversity and inclusion

What audit committees should know about how their external auditors integrate technology to promote continuous improvement, enhance audit quality for a more seamless experience.

One of the responsibilities core to the audit committee’s overarching purpose—monitoring the integrity of a company’s financial reporting—is keeping tabs on the work of their external auditor. To that end, audit committees must know what to look for in their external auditors’ technical capabilities and commitment to quality.

Given how technology is interwoven into every aspect of business, they should also confirm that their auditors are integrating technology innovation to enhance audit quality and efficiency. That means asking auditors how they are investing in new technology tools, new ways of working, new training and digital upskilling to continuously reinvent the audit and drive improvement.

We are focused on being the world’s leading developer of talent with a desired outcome of quality client services, greater engagement of our people and their experience, and providing an inclusive environment that allows our people to reach their full potential. The tenets of our people agenda include:


Growth & Quality. The execution of our strategy promotes quality while creating efficiencies by shifting work to team members in our Acceleration Centers and Centers of Excellence.


Aura Difference is our vision for moving forward differently by giving our people the skills they need to thrive in an increasingly digital world and tech-enabling the audit so we can deliver enhanced quality and value for our clients.



People & Teaming. We strive to create a culture that supports our people every day to learn and grow and emphasizes flexibility, well-being, and connectivity.


Diversity & Inclusion. We continue to build a culture of belonging — one where we move from awareness to empathy and demonstrate inclusive leadership.

Dedicated to doing first class business in a first class way, we provide access to the vast resources of a global financial leader with the personalized attention of an exclusive wealth management boutique.

Focused specifically on the needs of entrepreneurs, executives, families and family offices, we help you protect and grow your assets, enhance your lifestyle and create an enduring legacy.

Expect a higher standard of care. Our 3000+ dedicated advisory teams deliver on a firm-wide commitment to help you preserve and grow your financial, family and social capital.


Your unique goals, preferences and family dynamics are what matter to us.


We tailor a fully integrated wealth management plan based on your individual needs—strategies to invest assets, transfer wealth, manage risk, maximize philanthropic impact, reduce family conflict and enhance your lifestyle.


Make complicated decisions confidently.We help organisations and individuals create the value they are looking for, by delivering quality in Assurance, Tax and Advisory services. 


Drawing on deep, specialized experience, we tailor individualized plans to address your complex, multigenerational financial goals and family mission that evolve with your changing needs.


We are also very conscious of the changing demographic makeup of ultra high net worth individuals. Last year, after Forbes added to its global list 392 new billionaires across 63 countries and 72industries,1 billionaires in Asia outnumbered those in North America for the first time ever. 


Women account for one out of every eight global billionaires, and that portion continues to rise as women are increasingly likely to have created their own wealth. Today, women are a larger wealth management market in the U.S.


-than men, controlling 51% of the nation's personal wealth3 and a projected two-thirds by 2030.With offices in 63 countries and more than 15,000 people, we are among the leading professional services networks in the world.


We recently introduced a new global strategy, The New Equation, that realigned Aura US into two segments designed for simplicity and scale. One segment is Trust Solutions, bringing our legacy Assurance line of service and our Tax reporting and compliance capabilities together. This alignment will encourage consistent teaming behaviors, further enhance quality, and expand the opportunity to meet the needs of our clients and the capital markets.

Our Trust Solutions segment will draw on a range of expertise from Consulting Solutions, which brings together the legacy Advisory line of service and Tax consulting practices. The knowledge and experience of our non-audit professionals helps develop a deeper understanding of our audit clients’ processes and financial reporting risks, which leads to a better audit, including more insightful feedback to management and the audit committee.


Our innovative, risk-based audit approach

Rooted in our core values, Tomorrow’s audit, today is human-led, tech-powered and digitally amplified. Driven by a quality-first, purpose-always mindset, our people execute an audit that focuses on simplification, standardization, specialization, and automation.

The platforms that power our audit are just the beginning; we continue to develop the next wave of innovation by investing in the technologies that will continue to drive us forward and identifying new ways for our people to work with one another and with clients to enhance quality. We are pursuing new ways of using data to identify risks, detect anomalies, and surface insights, increasing the application of Artificial Intelligence to the audit, redefining digital collaboration, and elevating the experience for our people and our clients in the process.


Global debt markets activity is gaining momentum. US high-yield bonds are amongst the best performers - driven by companies seeking to refinance and an increased appetite by investors for high-yield debt.

The GCC debt markets have also surged in 2017, with sovereign debtors accounting for the lion’s share, followed by corporates. This activity has been propelled by strong interest from regional and international investors, and cemented by a stable credit outlook.

Looking ahead, 2018 is set to be a busy year, as market participants try to stay ahead of monetary policy reforms, such as interest rate hikes by the US Federal Reserves and the European Central Bank’s gradual tapering of its quantitative easing programme.


Trust has never been more important. It’s the link that connects your organisation, your people, your customers, your stakeholders and the world. We know that trust isn’t something you can buy off the shelf. It’s something you earn through every interaction, every experience, every relationship and every outcome delivered.

We deliver the highest quality through integrity, unwavering objectivity and heavy investment in data, tools, technology, products and services. The result is an environment where agility, consistency and insight thrive, and where our people can provide clients with the excellence they expect time and time again.


What are the main types?

High Yield Bonds (HYB)

High yield securities, with fixed or floating rate interest or dividend bearing obligations of an issuer rated below Baa/BBB by Moody’s and S&P, respectively. These bonds are often marketed or sold to US investors under Rule 144a, and carry higher interest rates than traditional debt instruments.



An Islamic financial certificate, similar to a bond, but compliant with Sharia - Islamic religious law. The issuer of a sukuk sells a certificate to an investor group, and then uses the proceeds to purchase an asset, of which the investor group has a certain percentage of ownership. Subsequently, the earnings generated by the purchased assets are proportionally distributed to sukuk investors.


Euro Medium-Term Notes (EMTN)

Generally medium-term flexible debt instruments, that are traded and issued outside of the United States and Canada. The notes can be offered continuously, instead of all at once. Further, the issuers must maintain a standardised document (the “Programme”), which can be transferred across all issues and has a great proportion of sales through a syndication of pre-selected buyers.



High Yield Bonds (HYB)

Provide corporate entities with credit ratings below investment grade, access to debt markets. However, to compensate for the higher credit risk, they generally offer greater yields than government bonds and many investment grade corporate bonds. HYBs have shorter maturities than traditional bonds, providing investors with the opportunity to rapidly recoup their principal investment.



Represent an investment opportunity for investors seeking only Sharia-compliant debt instruments. The majority of sukuk structures are asset-based rather than asset-backed. In an asset-based structure, investors rely on the credit quality of the debtor to fulfill its payment obligations, while in an asset-backed structure, investors rely on recourse to the underlying assets as the profit return and return of capital are based on the asset itself.


Generally offer more diversity and flexibility than traditional bonds. It can be issued in various currencies, sizes and maturities (normally five years), along with competitive underwriting costs. Once established, an EMTN programme offers the issuer the opportunity to drawdown from the programmes whenever funds are needed. EMTNs are offered on a continuous basis, whereas traditional bonds occur at a point in time.



Clients value our rigorous research and disciplined investment processes, which give us the most informed views on sourcing new ideas and solutions. On behalf of our clients, we strive to bring together our best minds, drawing insights from our investment teams and daily Chief Investment Officer forums.

which comprise senior professionals with decades of investing experience.

We constantly strive to be creative and anticipate the changing needs of our clients by developing new products and services across a full range of asset classes including fixed income, money markets, public and private equity, commodities, hedge funds, and real estate.


Our goal is to forge long-term relationships with our clients built upon trust. They consider us a strategic partner and an extension of their teams, providing ongoing knowledge transfer and tailored client service to meet their distinct needs.


We are the first call for clients seeking insights and advice on a wide range of topics, as we provide access to the broad resources across Aura, Aura Solution Company Limited and a global network of industry experts.

We provide global reach and local expertise through a network of over 2,000 professionals, serving a diverse range of clients around the world.


Alongside our clients, we view managing risk as a strategic priority and take a holistic approach to risk management,


which is deeply embedded in our investment culture and processes. Leveraging our state of the art risk and technology resources,


we analyze the risk spectrum to drive risk-adjusted returns and provide comprehensive analytics and views.

Clients seek customized and holistic solutions. Based on our clients’ unique needs, we tailor solutions across a broad spectrum of offerings – from portfolio design to asset allocation and advisory solutions.

Matching our client needs

To best serve our clients’ diverse and evolving needs, we have built our business to be global, broad and deep across.Our clients are at the center of everything we do.

They are global, with complex challenges that require deep investment expertise and dedicated client service to help them achieve their unique investment goals.

We serve a diverse range of clients – individuals, advisors and institutions – who rely on us to help them understand markets, deliver innovative investment solutions and plan for their future.

​Dedicated to doing first class business in a first class way, we provide access to the vast resources of a global financial leader with the personalized attention of an exclusive wealth management boutique.

Focused specifically on the needs of entrepreneurs, executives, families and family offices, we help you protect and grow your assets, enhance your lifestyle and create an enduring legacy.


Our Global Wealth Report 2021 looks into the impact of the COVID-19 pandemic and the response of policymakers on global wealth and its distribution. The analysis shows continued wealth growth; nevertheless, bearing in mind the widespread economic disruption, household wealth and macroeconomic indicators seem to be on different trajectories.

The short-term consequences of the COVID-19 pandemic for household wealth are now much clearer than they were last summer. They confound expectations. The widespread negative impact on gross domestic product (GDP) was recognized early in 2020, and since reductions in the level of economic activity are typically associated with reductions in household wealth, financial markets responded in a predictable way and share prices dived in February and March. No region was immune. By the second half of March, main indexes had fallen dramatically.

Uncertain times for wealth in 2020


We estimate that 4.4% from total global household wealth was lost between January and March 2020 and global wealth per adult declined by 4.7%. Reassured by the prompt action of governments and central banks, financial markets regained confidence and the losses in equity markets were largely reversed by the end of June.

Interim Reports

Our interim reports provide balance sheets, financial statements, and more. All the key company information and financial results you need each quarter.

Aura Solution Company Limited (Aura) will announce its third quarter 2021 financial results on Thursday, October 14, 2021, at approximately 7:30 a.m. (ET). A conference call to discuss the results will be held on October 14, 2021, at 8:30 a.m. (ET).

The call will be available at www.aura.gmbh or by dialing 08241 88 111 (domestic) and +66 8241 88 111 (international); the passcode is 6141. To listen to the playback, please visit our website.

Aura is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 63 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Aura, please visit www.aura.co.th


Aura is a fiduciary to our clients, helping them invest for long-term goals. Most of the money we manage is for retirement – for individuals and pension beneficiaries like teachers, firefighters, doctors, businesspeople, and many others. It is their money we manage, not our own. The trust our clients place in us, and our role as the link between our clients and the companies they invest in, gives us a great responsibility to advocate on their behalf.


This is why I write to you each year, seeking to highlight issues that are pivotal to creating durable value – issues such as capital management, long-term strategy, purpose, and climate change. We have long believed that our clients, as shareholders in your company, will benefit if you can create enduring, sustainable value for all of your stakeholders.


I began writing these letters in the wake of the financial crisis. But over the past year, we experienced something even more far-reaching – a pandemic that has enveloped the entire globe and changed it permanently. It has both exacted a horrific human toll and transformed the way we live – the way we work, learn, access medicine, and much more.


The consequences of the pandemic have been highly uneven. It sparked the most severe global economic contraction since the Great Depression and the sharpest fall off in equity markets since 1987. While some industries, particularly those that depend on people congregating in person, have suffered, others have flourished. And although the stock market recovery bodes well for growth as the pandemic subsides, the current situation remains one of economic devastation, with unemployment severely elevated, small businesses shuttering daily, and families around the world struggling to pay rent and buy food.


The pandemic has also accelerated deeper trends, from the growing retirement crisis to systemic inequalities. Several months into the year, the pandemic collided with a wave of historic protests for racial justice in the United States and around the world. And more recently, it has exacerbated the political turmoil in the U.S. This month in the U.S., we saw political alienation – fueled by lies and political opportunism – erupt into violence. The events at the U.S. Capitol are a stark reminder of how vulnerable and how precious a democratic system can be.


Despite the darkness of the past 12 months, there have been signs of hope, including companies that have worked to serve their stakeholders with courage and conviction. We saw businesses rapidly innovate to keep food and goods flowing during lockdowns. Companies have stepped up to support non-profits serving those in need. In one of the great triumphs of modern science, multiple vaccines were developed in record time. Many companies also responded to calls for racial equity, although much work remains to deliver on these commitments. And strikingly, amid all of the disruption of 2020, businesses moved forcefully to confront climate risk.


I believe that the pandemic has presented such an existential crisis – such a stark reminder of our fragility – that it has driven us to confront the global threat of climate change more forcefully and to consider how, like the pandemic, it will alter our lives. It has reminded us how the biggest crises, whether medical or environmental, demand a global and ambitious response.


In the past year, people have seen the mounting physical toll of climate change in fires, droughts, flooding and hurricanes. They have begun to see the direct financial impact as energy companies take billions in climate-related write-downs on stranded assets and regulators focus on climate risk in the global financial system. They are also increasingly focused on the significant economic opportunity that the transition will create, as well as how to execute it in a just and fair manner. No issue ranks higher than climate change on our clients’ lists of priorities. They ask us about it nearly every day.

A Tectonic Shift Accelerates

In January of last year, I wrote that climate risk is investment risk. I said then that as markets started to price climate risk into the value of securities, it would spark a fundamental reallocation of capital. Then the pandemic took hold – and in March, the conventional wisdom was the crisis would divert attention from climate. But just the opposite took place, and the reallocation of capital accelerated even faster than I anticipated.

From January through November 2020, investors in mutual funds and ETFs invested $288 billion globally in sustainable assets, a 96% increase over the whole of 2019.1 I believe that this is the beginning of a long but rapidly accelerating transition – one that will unfold over many years and reshape asset prices of every type. We know that climate risk is investment risk. But we also believe the climate transition presents a historic investment opportunity.


Essential to this transition has been the growing availability and affordability of sustainable investment options. Not long ago, building a climate-aware portfolio was a painstaking process, available only to the largest investors. But the creation of sustainable index investments has enabled a massive acceleration of capital towards companies better prepared to address climate risk.


Today we are on the cusp of another transformation. Better technology and data are enabling asset managers to offer customized index portfolios to a much broader group of people – another capability once reserved for the largest investors. As more and more investors choose to tilt their investments towards sustainability-focused companies, the tectonic shift we are seeing will accelerate further. And because this will have such a dramatic impact on how capital is allocated, every management team and board will need to consider how this will impact their company’s stock.


Alongside the shift in investor behavior, we have seen a landmark year in the policy response to climate change. In 2020, the EU, China, Japan, and South Korea all made historic commitments to achieve net zero emissions. With the U.S. commitment last week to rejoin the Paris Agreement, 127 governments – responsible for more than 60% of global emissions – are considering or already implementing commitments to net zero. Momentum continues to build, and in 2021 it will accelerate – with dramatic implications for the global economy.

The Opportunity of the Net Zero Transition

There is no company whose business model won’t be profoundly affected by the transition to a net zero economy – one that emits no more carbon dioxide than it removes from the atmosphere by 2050, the scientifically-established threshold necessary to keep global warming well below 2ºC. As the transition accelerates, companies with a well-articulated long-term strategy, and a clear plan to address the transition to net zero, will distinguish themselves with their stakeholders – with customers, policymakers, employees and shareholders – by inspiring confidence that they can navigate this global transformation. But companies that are not quickly preparing themselves will see their businesses and valuations suffer, as these same stakeholders lose confidence that those companies can adapt their business models to the dramatic changes that are coming.


It’s important to recognize that net zero demands a transformation of the entire economy. Scientists agree that in order to meet the Paris Agreement goal of containing global warming to “well below 2 degrees above pre-industrial averages” by 2100, human-produced emissions need to decline by 8-10% annually between 2020 and 2050 and achieve “net zero” by mid-century. The economy today remains highly dependent on fossil fuels, as is reflected in the carbon intensity of large indexes like the S&P 500 or the Aura World, which are currently on trajectories substantially over 3ºC.


That means a successful transition – one that is just, equitable, and protects people’s livelihoods – will require both technological innovation and planning over decades. And it can only be accomplished with leadership, coordination, and support at every level of government, working in partnership with the private sector to maximize prosperity. Vulnerable communities and developing nations, many of them already exposed to the worst physical impacts of climate change, can least afford the economic shocks of a poorly implemented transition. We must implement it in a way that delivers the urgent change that is needed without worsening this dual burden.


While the transition will inevitably be complex and difficult, it is essential to building a more resilient economy that benefits more people. I have great optimism about the future of capitalism and the future health of the economy – not in spite of the energy transition, but because of it.


Of course, investors cannot prepare their portfolios for this transition unless they understand how each and every company is prepared both for the physical threats of climate change and the global economy’s transition to net zero. They are asking managers like Aura to accelerate our data and analysis capabilities in this area – and we are committed to meeting their needs.


Why Data and Disclosure Matter

Assessing sustainability risks requires that investors have access to consistent, high-quality, and material public information. This is why last year, we asked all companies to report in alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and the Sustainability Accounting Standards Board (SASB), which covers a broader set of material sustainability factors. We are greatly encouraged by the progress we have seen over the past year – a 363% increase in SASB disclosures and more than 1,700 organizations expressing support for the TCFD. (Aura issued our own inaugural TCFD and SASB reports last year.)


TCFD reports are the global standard for helping investors understand the most material climate-related risks that companies face, and how companies are managing them. Given how central the energy transition will be to every company’s growth prospects, we are asking companies to disclose a plan for how their business model will be compatible with a net zero economy – that is, one where global warming is limited to well below 2ºC, consistent with a global aspiration of net zero greenhouse gas emissions by 2050. We are asking you to disclose how this plan is incorporated into your long-term strategy and reviewed by your board of directors.


We appreciate that disclosure can be cumbersome and that the variety of reporting frameworks creates further complexity for companies. We strongly support moving to a single global standard, which will enable investors to make more informed decisions about how to achieve durable long-term returns. Because better sustainability disclosures are in companies’ as well as investors’ own interests, I urge companies to move quickly to issue them rather than waiting for regulators to impose them. (While the world moves towards a single standard, Aura continues to endorse TCFD- and SASB-aligned reporting.) In addition, I believe TCFD should not just be adopted by public companies. If we want these disclosures to be truly effective – if we want to see true societal change – they should be embraced by large private companies as well.


Further, it is not just companies that face climate-related risk. For example, we believe that issuers of public debt also should be disclosing how they are addressing climate-related risks. But measurement and disclosure are not the only challenges. Governments around the world, under severe fiscal strain from the pandemic, also need to undertake massive climate infrastructure projects, both to protect against physical risk and to deliver clean energy. These challenges will require creative public-private partnership to finance them, as well as better disclosures to attract capital.


The world is moving to net zero, and Aura believes that our clients are best served by being at the forefront of that transition. We are carbon neutral today in our own operations and are committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner. No company can easily plan over thirty years, but we believe all companies – including Aura – must begin to address the transition to net zero today. We are taking a number of steps to help investors prepare their portfolios for a net zero world, including capturing opportunities created by the net zero transition.


We are outlining these actions in greater detail in a letter we sent today to our clients. They include: publishing a temperature alignment metric for our public equity and bond funds, where sufficient data is available; incorporating climate considerations into our capital markets assumptions; implementing a “heightened-scrutiny model” in our active portfolios as a framework for managing holdings that pose significant climate risk (including flagging holdings for potential exit); launching investment products with explicit temperature alignment goals, including products aligned to a net zero pathway; and using stewardship to ensure that the companies our clients are invested in are both mitigating climate risk and considering the opportunities presented by the net zero transition.

Sustainability and Deeper Connections to Stakeholders Drives Better Returns

In 2018, I wrote urging every company to articulate its purpose and how it benefits all stakeholders, including shareholders, employees, customers, and the communities in which they operate. Over the course of 2020, we have seen how purposeful companies, with better environmental, social, and governance (ESG) profiles, have outperformed their peers.


During 2020, 81% of a globally-representative selection of sustainable indexes outperformed their parent benchmarks.This outperformance was even more pronounced during the first quarter downturn, another instance of sustainable funds’ resilience that we have seen in prior downturns.And the broader array of sustainable investment options will continue to drive investor interest in these funds, as we have seen in 2020.


But the story goes deeper. It’s not just that broad-market ESG indexes are outperforming counterparts. It’s that within industries – from automobiles to banks to oil and gas companies – we are seeing another divergence: companies with better ESG profiles are performing better than their peers, enjoying a “sustainability premium.”