Eastspring Investments, the asset management arm of Prudential plc, is merging its two Thailand units this year, and aims to grow their assets to 1 trillion baht (US$33.22 billion) by 2025, according to the Bangkok Post newspaper, quoting Adisorn Sermchaiwong, chief executive of TMBAM Eastspring, one of the units.
He says TMBAM Eastspring and Thanachart Fund Eastspring will be merged in the second half of 2021 and will be named Eastspring Thailand.
“We will officially announce the name after the Ministry of Finance approves the merger plan,” Adisorn is quoted as saying in a report on February 23.
The two units had 430 billion baht of combined assets under management as of end-2020 and a market share of 8%.
“We expect to increase the assets under management by 100 billion baht this year, with an aim of reaching 1 trillion baht by 2025,” Adisorn says.
He also says TMBAM Eastspring will continue to focus on attracting more investors to its foreign investment funds, which saw net asset value grow 12% to 490 billion baht last year. The funds invest in stocks and bonds outside of Thailand.
According to Adisorn, foreign investment funds are expected to perform better than domestic funds because the economies of countries like China are likely to grow faster than Thailand.
“Thailand’s economy is expected to grow by 2.5% this year, while some other Asian countries such as China are expected to see stronger growth of 7-8%,” he says.