Prudential unit acquires 65% in TMBAM
Eastspring Investments (Eastspring), the Asian asset management business of Prudential Plc, has finalised the acquisition of 65 per cent of TMB Asset Management Co Ltd (TMBAM) from TMB Bank Plc. This acquisition allows Eastspring to expand its footprint in one of the fastest growing Asian markets, the company’s chief executive Guy Strapp said.
As announced in July, Eastspring has an option to increase ownership to 100 per cent in the future 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 world-class investments.
TMBAM, is Thailand’s fifth largest asset manager with a market share of 26 per cent.This partnership extends Eastspring’s presence to 11 Asian markets, in addition to its offices in the US, UK and Europe.
With the acquisition complete, TMBAM becomes an associated company of TMB.
