Eastspring Investments, the Singapore-based asset management arm of Prudential PLC, has reached an agreement to acquire Bangkok-based TMB Asset Management Co. from TMB Bank Public Co., according to a Prudential news release.
An Eastspring spokeswoman said terms of the deal aren't being disclosed.
The news release said under the agreement, Eastspring, with assets under management of more than $180 billion, will acquire an initial 65% of Thailand's fifth-largest money manager with more than $13 billion in AUM. The agreement gives Eastspring the option of buying the remaining 35% in the future.
The agreement includes a distribution agreement with TMB Bank to provide investment solutions to its customers.
The release said the acquisition will complement Prudential's life insurance business in Thailand, where the U.K. firm has operated for more than 20 years through Prudential Life Assurance (Thailand) Public Co. At the end of 2017, Prudential was serving more than 1.5 million customers in Thailand with combined assets of 90 billion baht ($2.7 billion).