Eastspring Investments, the Asian asset management business of British financial services firm Prudential, has finalised the acquisition of 65% of TMB Asset Management from Thailand’s TMB Bank.
The acquisition allows Eastspring to expand its footprint in one of the fastest growing Asian markets, the company said in a statement.
As announced in July, Eastspring has an option to increase ownership to 100 per cent and has entered into a distribution partnership with TMB, Thailand’s seventh-largest bank by assets. This partnership enables TMB customers to access and invest in Eastspring’s investments.
“This is an exciting day for Prudential and Eastspring. The acquisition and distribution partnership reinforces Prudential’s strong commitment to Thailand, complements our growing life insurance business and allows us to accelerate our growth in this exciting market.
!We look forward to working with the team at TMB to protect and grow the wealth of our customers,” Nic Nicandrou, chief executive of Prudential Corporation Asia, said.
Guy Strapp, chief executive of Eastspring Investments, added: “TMBAM is a strong business and we look forward to creating further value as we combine our product offering and Asian investment management expertise with TMBAM’s local expertise and insights.
Thailand is one of the fastest growing Asian markets and it now adds to Eastspring’s presence in 10 Asian markets, as well as its US, UK and European offices, the company said.
Prudential has operated in Thailand for more than 20 years through Prudential Life Assurance (Thailand). The firm serves over 1.5 million customers in Thailand and manages more than 100bn Thai bahts of assets or $3bn.