Eastspring Investments, the Asian asset management business of Prudential, has successfully completed its acquisition of 50.1% of Thanachart Fund Management for $137m.
With the latest transaction, Eastspring becomes Thailand's fourth largest asset manager, with a market share of 12% and combined assets under management of THB653 billion ($21.6bn).
Eastpring now owns 50.1% of TFUND, which is a mutual fund manager based in Thailand, while Thanacart Bank Public Company owns the remaining 49.9%. The transaction was done through the FTSE 100-listed firm's Asian asset management business, Eastspring Investments. Eastspring has an option to increase its ownership to 100% in the future.
TFUND is the 8th largest mutual fund manager in Thailand, with THB206 billion ($6.8bn) 2 of mutual funds under management.
The acquisition complements Eastspring's purchase of 65% of TMB Asset Management, now TMBAM Eastspring, in September 2018.
Prudential has operated in Thailand for more than 20 years through Prudential Life Assurance (Thailand) Public Company Limited. Prudential serves more than 1.6 million customers in Thailand and manages more than THB107 billion of assets on their behalf.