Eastspring Investments, a subsidiary of Prudential PLC’s Asian asset management subsidiary has agreed to buy 65% share of Thailand’s leading management company TMB Asset Management Co., Ltd, a subsidiary of TMB Bank Public Company Limited. Eastspring will  have the option to increase its share to 100% in the future.

TMB is Thailand’s fifth largest asset management company with over 10 billion baht of assets under management. In the past three years, TMB’s growth rate reached 26%, a leading rate on the market. TMB’s leading status in the Thailand business sector will reinforce Prudential’s commitment to the Thai market and complement the company’s fast growing insurance business in the ASEAN region.

Prudential Life Assurance (Thailand) Public Company Limited has operated in Thailand for more than 20 years. As of last year, Prudential has provided services to over 1.5 million Thai customers and manages a total of 90 billion Baht of funds on their behalf. Eastspring has a strong proven track as a leading asset manager with 139 billion pounds of assets in Asia for 25 years and its acquisition of TMB will be the 11th expansion project for Eastspring in the Asia region.

Prudential Asia CEO, Nic Nicandrou says, “the acquisition will help establish Prudential’s status on the Thai market. Within the expansion plan, Eastsprings will become a major role player to our insurance fund management business.”