Prudential PLC Completion of acquisition of Thanachart Fund
27 Diciembre 2019 - 4:00AM
Noticias Dow Jones
TIDMPRU
RNS Number : 1179Y
Prudential PLC
27 December 2019
27 December 2019
Prudential's Eastspring completes acquisition of Thanachart
Fund
Eastspring Investments ("Eastspring"), the Asian asset
management business of Prudential plc ("Prudential"), has
successfully completed its acquisition of 50.1 per cent of
Thanachart Fund Management Co., Ltd. ("TFUND") from Thanachart Bank
Public Company Limited ("TBANK") and Government Savings Bank(1) ,
with TBANK holding the remaining 49.9 per cent stake of TFUND.
On 9 August 2019 and 30 September 2019, Eastspring announced
that it would acquire the 50.1 per cent stake in TFUND for
approximately THB 4,208 million (USD 137 million), with an option
to increase its ownership to 100 per cent in the future. TFUND is
the 8th largest mutual fund manager in Thailand, with THB 206
billion (USD 6.8 billion) (2) of mutual funds under management.
The acquisition complements Eastspring's purchase of 65 per cent
of TMB Asset Management, now TMBAM Eastspring, in September 2018.
With the latest transaction, Eastspring becomes Thailand's fourth
largest asset manager, with a market share of 12 per cent and
combined assets under management of THB 653 billion (USD 21.6
billion)(3) through the two fund management firms.
Eastspring now has access to a large and growing consumer base
in Thailand through TBANK, which recently completed its merger with
TMB Bank Public Company Limited (TMB). The newly formed bank is the
sixth-largest in Thailand, with 10 million retail customers, more
than THB 2 trillion (USD 65 billion) (4) in total assets and over
900 branches across the country.
Prudential has operated in Thailand for more than 20 years
through Prudential Life Assurance (Thailand) Public Company
Limited. Prudential serves more than 1.6 million customers in
Thailand and manages more than THB 107 billion of assets on their
behalf(5) .
Eastspring is Asia's leading retail asset manager, with USD 216
billion (GBP 169 billion) of assets under management(6) and has
been operating in Asia for 25 years.
Enquiries:
Media Investors/Analysts
+44 (0)20 3977
Anneliese Diedrichs +65 8799 9241 Patrick Bowes 9702
+44 (0)20 3977
+44 (0)20 3977 William Elderkin 9215
Tom Willetts 9760 Darwin Lam +852 2918 6348
Notes to Editors:
Numbers converted at actual exchange rate.
About Eastspring Investments
Eastspring Investments is a leading Asia-based asset manager
that manages over USD 216 billion (as at 30 June 2019) of assets on
behalf of institutional and retail clients. Operating in Asia since
1994, Eastspring Investments is the Asian asset management business
of Prudential plc, an international financial services group, and
has one of the widest footprints across the region*. We provide
investment solutions across a broad range of asset classes
including equities, fixed income, multi asset solutions and
alternatives and are committed to delivering high quality
investment outcomes for our clients over the long term. Eastspring
Investments is a signatory to the United Nations-supported
Principles for Responsible Investment (PRI), a voluntary program
which encourages best practice in environmental, social and
corporate governance issues. For more information on Eastspring
Investments, please visit: www.eastspring.com
*Eastspring Investments (excluding joint venture (JV) companies)
companies are ultimately wholly-owned / indirect subsidiaries /
associates of Prudential plc of the United Kingdom. Eastspring
Investments companies (including JVs) and Prudential plc are not
affiliated in any manner with Prudential Financial, Inc., a company
whose principal place of business is in the United States of
America.
About Prudential plc
Prudential plc is an Asia-led portfolio of businesses focused on
structural growth markets. The business helps individuals to
de-risk their lives and deal with their biggest financial concerns
through life and health insurance, and retirement and asset
management solutions. Prudential plc has 20 million customers and
is listed on 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, or with the Prudential Assurance
Company, a subsidiary of M&G plc, a company incorporated in the
United Kingdom.
Footnotes
1 Eastspring will acquire GSB's entire 25.0 per cent stake in
TFUND and a 25.1 per cent stake from TBANK.
2 Mutual funds under management as at 30 November 2019.
3 Mutual fund market shares; Mutual fund assets under management
as at 30 November 2019.
4 Source: (https://www.ing.com/Newsroom/News/TMB-and-Thanachart-Bank-agree-to-merge-by-year-end.htm)
5 As of 30 June 2019.
6 As of 30 June 2019.
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Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
December 27, 2019 04:45 ET (09:45 GMT)
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