Prudential beats Amundi in Thai asset manager auction
Banks in Southeast Asia are selling their asset management arms as risk management costs rise and clients seek more adventurous products, drawing interest from Western insurers.
Prudential has gained a foothold in Thailand’s mutual fund market by acquiring 65% of TMB Asset Management from TMB Bank, beating off fierce competition from international rivals for a rare, sizeable business in a growing market.
The acquisition by Eastspring Investments, the Asian asset management business of the British insurer, includes a valuable distribution agreement with TMB, Thailand’s seventh-largest bank by assets, Prudential said in a release in a release on Wednesday.…
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