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Prudential unit closes purchase of TMB Asset Management stake

Eastspring Investments, the Asian asset management unit of Prudential PLC, closed the acquisition of a 65% stake in Thailand-based TMB Asset Management Co. Ltd. from TMB Bank PCL for an undisclosed sum.

With the completion, TMB Asset Management became an associated company of TMB Bank, according to an Oct. 18 release.

The acquisition was announced in July. Prudential said that in conjunction with the deal, Eastspring signed a distribution agreement with TMB Bank to provide investment solutions to the bank's customers.

Prudential also noted that Eastspring has an option to raise its ownership in TMB Asset Management to 100% in the future.

The tie-up brings Eastspring's presence to 11 Asian markets, in addition to its U.S., U.K. and Europe offices.

Prudential operates in Thailand through Prudential Life Assurance (Thailand) PCL.