Prudential completes 65% acquisition of TMB Asset ManagementOctober 22 2018 by InsuranceAsia News Staff
Prudential’s Asian asset management arm Eastspring Investments has finalised its acquisition of a 65% stake in TMB Asset Management, Thailand’s fifth largest fund house, from Thailand’s TMB Bank.
According to Prudential Asia CEO Nic Nicandrou, the purchase, originally agreed in July, complements the firm’s growing life insurance business in Thailand, and will help the company accelerate its growth in the country.
Eastspring said it will focus on three areas for TMB: establishing investment solutions, integrating its investment teams and enhancing distribution.
It also has an option to increase ownership to 100% and has entered into a distribution partnership with TMB, Thailand’s seventh-largest bank by assets.
TMB Asset Management has US$13.1 billion of assets under management.
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