Prudential to acquire majority stake in Thai asset manager

Insurance and financial services provider Prudential has agreed to buy an initial 65% stake in a Thai asset manager who oversees £10bn in client investments.

This will be done through Prudential’s Asian asset management business Eastspring Investments for an undisclosed price. The Singapore-based company will initially acquire 65% of TMB Asset Management with an option to increase its ownership to 100% in the future.

TMB is a wholly subsidiary of TMB Bank Public Company which services over six million clients across 400 branches.

For Eastspring, this partnership serves as a way to strengthen its presence in the Thai mutual funds market, as well as distribute its investment solutions to TMB clients.

The deals also expands Eastspring’s presence to 11 markets in Asia, and reinforces Prudential’s commitment to the Thai market, in which it has operated for 20 years through Prudential Life Assurance.

“Asia is the growth engine of Prudential and the acceleration of our asset management business is a key strategic priority. This acquisition further enhances Prudential’s position in Thailand and demonstrates our commitment to meeting the fast-growing savings and investment needs of our clients in the region.

Through its on-the-ground presence, Eastspring will also be able to enhance its investment support to our high-quality life insurance business,” said Nic Nicandrou, chief executive of Prudential Corp Asia, in a statement.

The acquisition is subject to local regulatory approval.

Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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