Global asset manager Eastspring Investments has set an ambitious target to significantly increase its assets under management to $500 billion by 2024. Eastspring Investments is the asset management business of Prudential.
It is reported that the company’s assets under management target will lead to an increased focus on Asia. This is especially important as the demerger of Prudential’s fund management and insurance arm M&G in Asia and the US is completed.
Eastspring is strengthening its Asia presence with a line of major acquisitions in the asset management sector. Earlier this month, the company acquired 50.1 percent of Thanachart Fund Management for $137 million. The company has established its presence in more than ten Asian markets. With that, Eastspring becomes Thailand’s fourth largest asset manager, with a market share of 12 percent. Its combined assets under management are worth $21.6 billion.
More recently, the company had finalised a deal to acquire 65 percent of TMB Asset Management, which is Thailand’s fifth largest asset manager. Eastspring has an option to acquire full ownership of TMB Asset Management in the future — and has established a distribution partnership with TMB Bank.
TMB Bank is Thailand’s seventh largest bank by assets. The partnership will add value to Eastspring’s Asia presence as it enables TMB customers to explore and invest in the company’s investment opportunities.
Prudential has had its presence in Thailand for more than 20 years through its subsidiary Prudential Life Assurance. It currently serves 1.6 million customers in the country.