Pru 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 on Wednesday.

TMB has over 400 branches and six million customers to whom it sells savings products.

The acquisition comes after Thailand’s cabinet approved a plan in February to make both employers and employees...

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