TIDMPRU
RNS Number : 8926C
Prudential PLC
13 February 2020
13 February 2020
Prudential's Eastspring celebrates official completion of
Thanachart Fund acquisition
Eastspring Investments ("Eastspring"), the Asian asset
management business of Prudential plc ("Prudential"), celebrated at
an event in Bangkok today the official completion of its
acquisition of 50.1 per cent of Thanachart Fund Management Co.,
Ltd. ("Thanachart Fund") from Thanachart Bank Public Company Ltd.
("TBANK") and Government Savings Bank ("GSB")(1) . The firm will be
rebranded to Thanachart Fund Eastspring, reflecting the combined
strength of both companies.
The acquisition that was completed on 27 December 2019 places
Eastspring, through its combined holdings in Thanachart Fund
Eastspring and TMBAM Eastspring, as the 4th largest asset manager
in Thailand with a market share of 12 per cent and combined assets
under management ("AUM") of THB 668 billion(2) (USD 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 per cent 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," Mr Nicandrou said.
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" Mr Piti said.
Thanachart Fund's strengths are in active equities, multi-asset,
money market and fixed income, and TMBAM Eastspring has strong
capabilities in passive equities, property, fixed income and
foreign invested funds.
Thailand is one of the largest and fastest growing asset
management markets in the ASEAN region(3) due to an expanding
middle class, rising affluence, strong savings culture and low
mutual fund penetration rate compared to more developed
markets.
TMBAM Eastspring and Thanachart Fund Eastspring recently
completed IPOs for the TMB Eastspring Global Smart Bond Fund and
the Thanachart Eastspring Global Technology Fund, respectively.
Both funds saw record-breaking amounts raised for both asset
management firms, due in a large part to the support and
distribution efforts of TMB and TBANK. In January last year, TMBAM
Eastspring launched its first IPO, the Asia Pacific Property
Flexible Fund, that was recently awarded Fund Launch of the Year in
Thailand by Asia Asset Management.
Enquiries:
Media Investors/Analysts
+44 (0)20 3977
Anneliese Diedrichs +65 8799 9241 Patrick Bowes 9702
+44 (0)20 3977 +44 (0)20 3977
Tom Willetts 9760 William Elderkin 9215
Darwin Lam +852 2918 6348
Note to editors:
Numbers converted at actual exchange rate.
About Eastspring Investments
Eastspring Investments is a leading Asia-based asset manager
that manages over USD 216 billion (as at 30 June 2019) of assets on
behalf of institutional and retail clients. Operating in Asia since
1994, Eastspring Investments is the Asian asset management business
of Prudential plc, an international financial services group, and
has one of the widest footprints across the region*. We provide
investment solutions across a broad range of asset classes
including equities, fixed income, multi asset, quantitative
strategies and alternatives and are committed to delivering high
quality investment outcomes for our clients over the long term.
Eastspring Investments is a signatory to the United
Nations-supported Principles for Responsible Investment, a
voluntary program which encourages best practice in environmental,
social and corporate governance issues. For more information on
Eastspring Investments, please visit: www.eastspring.com
*Eastspring Investments (excluding JV companies) companies are
ultimately wholly-owned / indirect subsidiaries / associates of
Prudential plc of the United Kingdom. Eastspring Investments
companies (including JV's) and Prudential plc are not affiliated in
any manner with Prudential Financial, Inc., a company whose
principal place of business is in the United States of America.
About Prudential plc
Prudential plc is an Asia-led portfolio of businesses focused on
structural growth markets. The business helps individuals to
de-risk their lives and deal with their biggest financial concerns
through life and health insurance, and retirement and asset
management solutions. Prudential plc has 20 million customers and
is listed on stock exchanges in London, Hong Kong, Singapore and
New York. Prudential plc is not affiliated in any manner with
Prudential Financial, Inc., a company whose principal place of
business is in the United States of America, nor with the
Prudential Assurance Company, a subsidiary of M&G plc, a
company incorporated in the United Kingdom.
About Prudential in Thailand
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 THB 107 billion of assets on their
behalf(4) .
Footnotes
1 Eastspring will acquire a 25.0 per cent stake in Thanachart
Fund from GSB and a 25.1 per cent stake from TBANK.
2 Mutual fund market shares; Mutual fund assets under management
as at 31 December 2019.
3 Source: Cerulli Asset Management in Southeast Asia 2019
Report, data as of December 2018.
4 As of 30 June 2019.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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