StockMarketWire.com - Prudential said its Asian asset management unit Eastspring Investments had agreed to acquire a controlling stake in Thailand's TMB Asset Management, for an undisclosed sum.

The British group would acquired an initial 65% interest from TMB Bank Company, with option to eventually buy it out completely.

TMB was the fifth-biggest asset manager in Thailand, with assets under management having grown rapidly in recent years to £10bn, Prudential said.

'These foundations provide an excellent position from which to capitalise on the attractive growth opportunities in Thailand's mutual fund market arising from an expanding middle class, rising affluence, strong savings culture and a mutual fund penetration rate well below that in more developed markets,' Prudential said.


At 1:26pm: [LON:PRU] Prudential PLC share price was -31.75p at 1765.25p



Story provided by StockMarketWire.com