News & Activities

Prudential finalises acquisition of TMB Asset Management

26 Oct 2018



 

Nic Nicandrou Chief Executive at Prudential Corporation Asia (center), Guy Strapp Chief Executive at Eastspring Investment (left), Piti Tantakasem CEO at TMB Bank

(2nd from left), Dr. Somjin Sornpaisarn CEO at TMBAM (right) and Prasong Poontaneat Chairman of TMB (2nd from right) together mark the successful completion of Eastspring’s acquisition of TMBAM, that will open up investment opportunities for Thai investors to world class investment solutions. The combination of TMB Bank’s local expertise and insights with Eastspring’s product offering and Asian investment management expertise creates a strong foundation for a successful long-term partnership.

 

(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 assets[1]. 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 management[2] 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).

 

With the acquisition complete, TMBAM becomes an associated company of TMB.

 

Exchange rates of GBP 1 = THB 43.7399, which is the closing exchange rate as of 30 June 2018, have been used throughout this document.
 

About Eastspring Investments

Eastspring Investments is the Asian asset management business of Prudential plc, and manages investments on behalf of retail and institutional investors. It is one of the region’s largest asset managers, with a presence in 10 major Asian markets as well as distribution offices in the US and Europe. It has £138 billion in assets under management (as at 30 June 2018) and provides investment solutions across a broad range of asset classes, including equities, fixed income, multi-asset solutions, infrastructure and alternatives. Eastspring Investments is a signatory to the United Nations-supported Principles for Responsible Investment (PRI), a voluntary programme which encourages best practice in environmental, social and corporate governance issues.

 

About Prudential plc

Prudential plc and its affiliated companies constitute one of the world’s leading financial services groups, serving over 26 million customers, with £664 billion of assets under management (as at 30 June 2018). Prudential plc is incorporated in England and Wales and is listed on the 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.

 

About TMB Asset Management Co., Ltd.

TMB Asset Management Co., Ltd. is an associated company of TMB Bank Public Company Limited, a market-leading bank in Thailand with over 400 branches and 6.4 million retail customers (as at 31 March 2018). It has THB 422 billion (equivalent to £10 billion) in assets under management (as at 31 March 2018) across a broad range of asset classes.

 


[1] Source: TMB investor fact sheet (as of March 2018)

[2] Assets under management as at 31 March 2018