SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of February, 2020
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
1 Angel Court, London,
England, EC2R 7AG
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F X
Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in connection with Rule 12g3-2(b): 82-
13 February 2020
Prudential's Eastspring celebrates official completion of
Thanachart Fund acquisition
Eastspring Investments ("Eastspring"), the Asian asset management business of
Prudential plc ("Prudential"), celebrated at an event in Bangkok today the
official completion of its acquisition of 50.1 per cent of Thanachart Fund Management
Co., Ltd.
("Thanachart
Fund") from
Thanachart Bank Public Company Ltd.
("TBANK") and
Government Savings Bank ("GSB")1. The
firm will be rebranded to Thanachart Fund Eastspring, reflecting
the combined strength of both companies.
The acquisition that was completed on 27 December
2019 places
Eastspring, through its combined holdings in Thanachart Fund
Eastspring and TMBAM Eastspring, as the 4th largest asset manager
in Thailand with a market share of 12 per cent and
combined assets under management ("AUM") of THB 668
billion2 (USD
22 billion).
Nic Nicandrou, Chief Executive of Prudential Corporation Asia,
said: "As an Asia-led life
insurer and asset manager, Prudential is committed to helping
customers protect their health and grow their
wealth. This
acquisition will enable us to provide a wider range of innovative
and bespoke investment opportunities and provides us with a
platform to accelerate our growth in this important
market.
"This acquisition also complements Eastspring's acquisition of 65
per cent of TMB Asset Management (now TMBAM Eastspring) that
was completed in September 2018. We
have acquired a highly attractive business in the growing Thai
market and the transaction deepens our relationship with TMB and
TBANK," Mr Nicandrou said.
Piti Tantakasem, Chief Executive Officer of TMB,
said: "We
are delighted to grow our partnership with
Eastspring. Since
we commenced working with Eastspring in 2018, we have seen TMBAM
Eastspring's AUM grow by more than 20 per cent, significantly
expand its client base and raise substantial new funds through the
TMB Eastspring Global Smart Bond Fund and the Thanachart Eastspring
Global Technology Fund in the largest initial public offerings
("IPO") in the history of our business.
"We look forward to working with TMBAM Eastspring and Thanachart
Fund Eastspring in the future. The
complementary investment capabilities of the two firms, together
with the synergies and scale from the integration of TMB and TBANK
with almost 900 outlets, means Thai people will have greater access
to investment tools and more affordable choices. This will enable
them to have better financial well-being" Mr Piti
said.
Thanachart Fund's strengths are in active equities,
multi-asset, money market and fixed income, and TMBAM
Eastspring has strong capabilities in passive equities, property,
fixed income and foreign invested funds.
Thailand is one of the largest and fastest growing asset management
markets in the ASEAN region3 due
to an expanding middle class, rising affluence, strong savings
culture and low mutual fund penetration rate compared to more
developed markets.
TMBAM Eastspring and Thanachart Fund Eastspring recently completed
IPOs for the TMB Eastspring Global Smart Bond Fund and the
Thanachart Eastspring Global Technology Fund,
respectively. Both
funds saw record-breaking amounts raised for both asset management
firms, due in a large part to the support and distribution efforts
of TMB and TBANK. In
January last year, TMBAM Eastspring launched its first IPO, the
Asia Pacific Property Flexible Fund, that was recently awarded Fund
Launch of the Year in Thailand by Asia Asset
Management.
Enquiries:
Media
|
|
Investors/Analysts
|
|
Anneliese Diedrichs
|
+65 8799 9241
|
Patrick Bowes
|
+44 (0)20 3977 9702
|
Tom Willetts
|
+44 (0)20 3977 9760
|
William Elderkin
|
+44 (0)20 3977 9215
|
|
|
Darwin Lam
|
+852 2918 6348
|
Note to editors:
Numbers converted at actual exchange rate.
About Eastspring Investments
Eastspring Investments is a leading Asia-based
asset manager that manages over USD 216
billion (as
at 30 June 2019) of
assets on behalf of institutional and retail
clients. Operating
in Asia since 1994, Eastspring Investments is the Asian asset
management business of Prudential plc, an international financial
services group, and has one of the widest footprints across the
region*. We
provide investment solutions across a broad range of asset classes
including equities, fixed income, multi asset, quantitative
strategies and alternatives and are committed to delivering high
quality investment outcomes for our clients over the long
term. Eastspring
Investments is a signatory to the United Nations-supported
Principles for Responsible Investment, a voluntary program which
encourages best practice in environmental, social and corporate
governance issues. For
more information on Eastspring Investments, please
visit: www.eastspring.com
*Eastspring
Investments (excluding JV companies) companies
are ultimately wholly-owned / indirect
subsidiaries / associates of
Prudential plc of the United Kingdom. Eastspring
Investments companies (including JV's) and
Prudential plc are not affiliated in any manner with Prudential
Financial, Inc., a company whose principal place of business is
in the United States of America.
About Prudential plc
Prudential plc is an Asia-led portfolio of businesses focused on
structural growth markets. The business helps individuals to
de-risk their lives and deal with their biggest financial concerns
through life and health insurance, and retirement and asset
management solutions. Prudential plc has 20 million customers and
is listed on stock exchanges in London, Hong Kong, Singapore and
New York. Prudential plc is not affiliated in any manner with
Prudential Financial, Inc., a company whose principal place of
business is in the United States of America, nor with the
Prudential Assurance Company, a subsidiary of M&G plc, a
company incorporated in the United Kingdom.
About Prudential in Thailand
Prudential has operated in Thailand for more than 20 years through
Prudential Life Assurance (Thailand) Public
Company Limited. Prudential
serves more than 1.6 million customers in Thailand and manages more
than THB 107 billion of assets on their behalf4.
Footnotes
1
Eastspring will acquire a
25.0 per cent stake
in Thanachart Fund from GSB and a 25.1 per
cent stake from TBANK.
2
Mutual fund market shares; Mutual fund assets under management as
at 31 December 2019.
3
Source: Cerulli
Asset Management in Southeast Asia 2019 Report, data as of December
2018.
4
As of 30 June 2019.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Date: 13 February 2020
|
PRUDENTIAL
PUBLIC LIMITED COMPANY
|
|
|
|
By: /s/ Thomas S Clarkson
|
|
|
|
Thomas
S Clarkson
|
|
Company
Secretary
|