StockMarketWire.com - Eastspring Investments, the Asian asset management arm of Prudential, has marked the official completion of its acquisition of 50.1% of Thanachart Fund Management Company with a celebration in Bangkok.

The company, acquired from Thanachart Bank Public Company and Government Savings Bank, will be rebranded to Thanachart Fund Eastspring.

Following the acquisition, completed on 27 December 2019, Eastspring through its combined holdings in Thanachart Fund Eastspring and TMBAM Eastspring, is the fourth largest asset manager in Thailand, with a market share of 12% and combined assets under management of THB 668 bn ($22bn).

Chief executive of Prudential Corporation Asia Nic Nicandrou said: 'This acquisition will enable us to provide a wider range of innovative and bespoke investment opportunities and provides us with a platform to accelerate our growth in this important market.'

Chief executive of TMB Piti Tantakasem added: 'Since we commenced working with Eastspring in 2018, we have seen TMBAM Eastspring's AUM grow by more than 20%, significantly expand its client base and raise substantial new funds through the TMB Eastspring Global Smart Bond Fund and the Thanachart Eastspring Global Technology Fund in the largest initial public offerings in the history of our business.' At 8:49am: [LON:PRU] Prudential PLC share price was -21.75p at 1484.25p



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