Eastspring Investments, Prudential’s asset management arm in Asia, has completed the acquisition process of Thanachart, the Thai mutual fund firm.
With this new takeover, Eastspring has emerged as Thailand’s fourth biggest asset management company with a market share of 12 percent and overall assets under management of THB653 billion.
Eastspring now has control over 50.1 percent of Thanachart Fund Management while the rest 49.9 percent is owned by Thanachart Bank Public Company. The deal was executed through Eastspring Investments, which is the FTSE 100-listed company Prudential’s Asian asset management subsidiary.
Eastspring also has a possibility to fully acquire Thanachart Fund Management in the forthcoming years. With THB206 billion ($6.8 billion) of mutual funds under its belt, Thanachart Fund Management is Thailand’s eighth biggest mutual fund organisation.
In September 2018, Eastspring had bought 65 percent of TMB Asset Management (now known as TMBAM Eastspring). With over two decades of offering its services in Thailand under the banner of Prudential Life Assurance (Thailand) Public Company Limited, Prudential caters to over 1.6 billion Thai customers and monitors over THB107 billion of their assets.