Prudential's Eastspring completes Thanachart Fund acquisition
Eastspring Investments (Eastspring), the Asian asset management business of life insurer Prudential (Prudential), has completed its acquisition of 50.1 percent of Thanachart Fund Management Co. (Thanachart Fund) from Thanachart Bank Public Company (TBANK) and Government Savings Bank (GSB). The firm will be rebranded to Thanachart Fund Eastspring, reflecting the combined strength of both companies.
The acquisition, completed on 27 December 2019, places Eastspring, through its combined holdings in Thanachart Fund Eastspring and TMBAM Eastspring, as the fourth largest asset manager in Thailand with a market share of 12 per cent and combined assets under management (AUM) of Bt668 billion ($22 billion).
Nic Nicandrou, chief executive of Prudential Corporation Asia, said: "As an Asia-led life insurer and asset manager, Prudential is committed to helping customers protect their health and grow their wealth. This acquisition will enable us to provide a wider range of innovative and bespoke investment opportunities and provides us with a platform to accelerate our growth in this important market.
"This acquisition also complements Eastspring's acquisition of 65 percent of TMB Asset Management (now TMBAM Eastspring) that was completed in September 2018. We have acquired a highly attractive business in the growing Thai market and the transaction deepens our relationship with TMB and TBANK."
Piti Tantakasem, chief executive officer of TMB, said: "We are delighted to grow our partnership with Eastspring. Since we commenced working with Eastspring in 2018, we have seen TMBAM Eastspring's AUM grow by more than 20 per cent, significantly expand its client base and raise substantial new funds through the TMB Eastspring Global Smart Bond Fund and the Thanachart Eastspring Global Technology Fund in the largest initial public offerings (IPO) in the history of our business.
"We look forward to working with TMBAM Eastspring and Thanachart Fund Eastspring in the future. The complementary investment capabilities of the two firms, together with the synergies and scale from the integration of TMB and TBANK with almost 900 outlets, means Thai people will have greater access to investment tools and more affordable choices. This will enable them to have better financial well-being.”
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