The Asian asset management business of Prudential, which runs Eastspring Investments, will acquire a controlling stake in Bangkok-based Thanachart Fund Management.
Prudential said it expects Eastspring to enter into a definitive agreement by the end of the year and, subject to regulatory approval in Thailand, it will acquire a controlling stake in the company.
TFund is a joint venture between Thanachart Bank Public Company Lim and Thailand-based Government Savings Bank, which hold 75% and 25% of the shares, respectively.
As the ninth largest asset manager in Thailand, Thanachart Fund Management (TFund) reported total assets under management of $6.8bn, as at December 31, 2018.
According to a press release Eastspring expects to enter into a definitive agreement by the end of 2019, subject to regulatory approvals. The deal is the second for Eastspring in the increasingly affluent Southeast Asian country.