Eastspring offers investment solutions across a wide range of asset classes including equities, fixed income, and multi asset solutions
Eastspring Investments has completed the acquisition of 50.1% stake in Thailand-based mutual fund manager Thanachart Fund Management (TFUND) from Thanachart Bank (TBANK) and the Government Savings Bank.
TFUND, a joint venture between TBANK and Government Savings Bank, operates mutual fund, private fund, provident fund management and investment advisory business, holding THB206bn ($6.8bn) of mutual funds under management.
Eastspring has previously announced its plans to purchase the 50.1% stake in TFUND for approximately THB4208m ($137m), with an option to increase its ownership to 100% in the future. TBANK holds the remaining 49.9% stake in TFUND.
Eastspring manages assets worth $216bn
Eastspring is an asset manager operating in Asia for 25 years, and manages assets worth $216bn, on behalf of institutional and retail clients. It is an Asian asset management business arm of Prudential, an international financial services group, and holds a wide range of operations across the region.
Prudential is a portfolio of businesses focused on financial de-risking, life and health insurance, retirement and asset management solutions in Asia. It serves 20million customers across London, Hong Kong, Singapore and New York.
The company said that the transaction would complement the acquisition of 65% stake in TMB Asset Management, currently operating as TMBAM Eastspring, in September 2018.
In addition, the current transaction is expected to support the company in acquiring a 12% market share and manage THB653bn ($21.6bn) in combined assets, through its two fund management firms.
Eastspring offers investment solutions across a wide range of asset classes including equities, fixed income, and multi-asset solutions, and is focused on delivering high long-term investment outcomes.
The company claimed that it has expanded its consumer base in Thailand through TBANK, which recently completed its merger with TMB Bank Public Company (TMB). The newly formed bank has 10 million retail customers, more than THB2trillion ($65bn) in total assets and over 900 branches across the country.