Prudential finalises acquisition of TMB Asset Management
(Bangkok, 18 October 2018) Eastspring Investments (“Eastspring”), the Asian asset management business of Prudential plc (“Prudential”), announced today at an event in Bangkok that it has finalised the acquisition of 65 per cent of TMB Asset Management Co., Ltd. (“TMBAM”) from TMB Bank Public Company Limited (“TMB”). This acquisition allows Eastspring to expand its footprint in one of the fastest growing Asian markets.
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 assets1. This partnership enables TMB customers to access and invest in Eastspring’s world-class investments.
At the event today, Nic Nicandrou, Chief Executive of Prudential Corporation Asia, said: “This is an exciting day for Prudential and Eastspring. The acquisition and distribution partnership reinforces Prudential’s strong commitment to Thailand, complements our growing life insurance business and allows us to accelerate our growth in this exciting market. We look forward to working with the team at TMB to protect and grow the wealth of our customers.”
TMBAM, Thailand’s fifth largest asset manager, has £10 billion of assets under management2 which has grown by a market leading 26 per cent (compound annual growth rate) over the last three years.
Guy Strapp, Chief Executive of Eastspring Investments, said: “TMBAM is a strong business and we look forward to creating further value as we combine our product offering and Asian investment management expertise with TMBAM’s local expertise and insights. Over the coming months we will focus on three areas. Firstly, establishing a range of ‘best in class’ investment solutions for TMB’s customers, including both existing Eastspring and new strategies; secondly, integrating our investment teams to ensure we have strong on-the-ground expertise; and, thirdly, enhancing distribution through innovative training and implementing digital solutions.”
This partnership extends Eastspring’s presence to 11 Asian markets, in addition to its offices in the US, UK and Europe.
Piti Tantakasem, Chief Executive Officer of TMB, said: “Eastspring’s investment expertise and strong footprint in Asia will provide enormous benefits to our customers. Our partnership with Eastspring supports our strategic endeavour of ‘TMB Open Architecture’ that is designed to provide our customers with access to world-class products and services.”
Prudential has operated in Thailand for more than 20 years through Prudential Life Assurance (Thailand) Public Company Limited. Prudential serves over 1.5 million customers in Thailand and manages more than THB 100 billion of assets (as at 30 June 2018).
1. Source: TMB investor fact sheet (as of March 2018)
2. Assets under management as at 31 March 2018
With the acquisition complete, TMBAM becomes an associated company of TMB.
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