Eastspring Investments buys 50% of Thai fund manager for $189.9k

The deal enables Thanachart Bank customers to enjoy Eastspring services.

Eastspring Investments, the Asian asset management business of Prudential, has acquired a 50% stake of Thanachart Fund Management for $189.9k (THB4.2m) with the option to own 100% of the fund managing company in the future, according to a press release.

The acquisition of Thanachart complements Eastspring’s merger with TMB Asset Management (now TMBAM Eastspring) back in September 2018.

With $9.58b (THB212b) in mutual funds, Thanachart is the eighth largest mutual fund manager in Thailand. Thanachart and TMBAM Eastspring will collectively be the 4th largest asset manager in the country with assets of $29.5b (THB653b) and a market share of 12%.

The merger Thanachart Bank and Thanachart Fund Management will be the 6th largest bank in Thailand with more than $90b (THB2t) in total assets.