THURSDAY, March 28, 2024
nationthailand

Eastspring to buy TMB assets

Eastspring to buy TMB assets

Eastspring Investments, the Asian asset management business of Prudential plc, has reached an agreement to initially acquire 65 per cent of TMB Asset Management Co, Ltd, an asset management company in Thailand, from TMB Bank Public Company Limited.

Eastspring has an option to increase its ownership to 100 per cent in the future. As part of this acquisition, Eastspring has also entered into a distribution agreement with TMB to provide investment solutions to its customers. 
The acquisition of TMBAM, the fifth-largest asset manager in Thailand, with £10 billion of assets under management which has grown by 26 per cent compound annual growth rate over the last three years, reinforces Prudential’s commitment to the Thai market, the firm said. 
The completion of the transaction is subject to Thai regulatory approval.
By partnering with TMB, Thailand’s seventh largest bank by assets, with over 400 branches and 6 million customers, Eastspring said it will enhance TMBAM’s record of asset growth. 
It said these foundations provide a position from which to capitalise on the growth opportunities in Thailand’s mutual fund market arising from an expanding middle class, rising affluence, strong savings culture and a mutual fund penetration rate well below that in more developed markets.
Prudential has operated in Thailand for more than 20 years with over 1.5 million customers and managing Bt90 billion of assets.

RELATED
nationthailand