Blueprint
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 July, 2018
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
LAURENCE POUNTNEY HILL,
LONDON, EC4R 0HH, ENGLAND
(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-
25 July 2018
Prudential enters the mutual fund market in Thailand through the
acquisition of leading asset management company, TMB Asset
Management and distribution partnership with TMB
Eastspring Investments ("Eastspring"), the Asian asset management
business of Prudential plc ("Prudential"), has reached an agreement
to initially acquire 65 per cent of TMB Asset Management Co., Ltd.
("TMBAM"), a leading asset management company in Thailand, from TMB
Bank Public Company Limited ("TMB"). Eastspring has an option to
increase its ownership to 100 per cent in the future. As part of
this acquisition, Eastspring has also entered into a distribution
agreement with TMB to provide best-in-class investment solutions to
their customers.
The acquisition of TMBAM, the fifth-largest asset
manager[1] in
Thailand, with £10 billion[2] of
assets under management which has grown by a market leading 26 per
cent compound annual growth rate over the last three years,
reinforces Prudential's commitment to the Thai market. It also
complements Prudential's fast growing life insurance business and
provides Eastspring with a unique opportunity to establish a
significant third party presence in the largest and fastest growing
mutual fund market in the ASEAN region[3]. The
completion of the transaction is subject to local regulatory
approval.
By partnering with TMB, Thailand's seventh largest
bank[4] by
assets, with an extensive footprint of over 400 branches and six
million customers, Eastspring will further enhance TMBAM's strong
track record of asset growth. These foundations provide an
excellent position from which to capitalise on the attractive
growth opportunities in Thailand's mutual fund market arising from
an expanding middle class, rising affluence, strong savings culture
and a mutual fund penetration rate well below that in more
developed markets.
Prudential has operated in Thailand for more than 20 years through
Prudential Life Assurance (Thailand) Public Company Limited. At 31
December 2017, Prudential served over 1.5 million customers in
Thailand and managed more than THB 90 billion of assets on their
behalf.
Eastspring is Asia's leading retail asset manager with £139
billion of assets under management and has been operating in Asia
for almost 25 years. This acquisition expands Eastspring's
presence to 11 markets in Asia.
Nic Nicandrou, Chief Executive of Prudential Corporation Asia,
said: "Asia is the growth engine of Prudential and the acceleration
of our asset management business is a key strategic priority. This
acquisition further enhances Prudential's position in Thailand and
demonstrates our commitment to meeting the fast-growing savings and
investment needs of our clients in the region. Through its
on-the-ground presence, Eastspring will also be able to enhance its
investment support to our high-quality life insurance
business."
Guy Strapp, Chief Executive of Eastspring Investments, said: "This
transaction enables us to further strengthen our unrivalled
footprint in Asia. Eastspring has a long history of building
successful partnerships and is ideally positioned to complement
TMB's strong local market position and distribution capabilities.
We see substantial growth opportunities in Thailand and this
transaction offers the potential to mutually develop a broad range
of 'best-in-class' investment solutions for the rapidly expanding
Thai mutual fund market."
Khun Piti Tantakasem, Chief Executive Officer of TMB, said: "We are
delighted to announce this partnership with Prudential, an
internationally renowned business. Prudential has a
well-established presence in Thailand and we believe that, through
this partnership with Eastspring, we will be able to better serve
the needs of TMB's customers. Eastspring is an ideal partner to
meet the growing investment needs of our customers by developing
and offering local, regional and global investment solutions
through its highly rated product offerings."
Enquiries:
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Media
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Investors/Analysts
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Anneliese
Diedrichs
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+65
8799 9241
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Chantal Waight
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+44 20 7548 3039
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Tom
Willetts
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+44 20 7548 2776
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Richard Gradidge
Mark Fairbairn
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+44 20 7548 3860
+852 2918 6358
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Notes to Editors:
Exchange rates of GBP 1 = THB 43.7399, which is the closing
exchange rate as of 30 June 2018, have been used throughout this
document.
About Eastspring Investments
Eastspring Investments is the Asian asset management business of
Prudential plc, and manages investments on behalf of retail and
institutional investors. It is one of the region's largest asset
managers, with a presence in 10 major Asian markets as well as
distribution offices in the US and Europe. It has £139 billion
in assets under management (as at 31 December 2017) and provides
investment solutions across a broad range of asset classes,
including equities, fixed income, multi-asset solutions,
infrastructure and alternatives. Eastspring Investments is a
signatory to the United Nations-supported Principles for
Responsible Investment (PRI), a voluntary programme which
encourages best practice in environmental, social and corporate
governance issues.
About Prudential plc
Prudential plc and its affiliated companies constitute one of the
world's leading financial services groups, serving around 26
million insurance customers, with £669 billion of assets under
management (as at 31 December 2017). Prudential plc is incorporated
in England and Wales and is listed on the 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.
About TMB Asset Management Co., Ltd.
TMB Asset Management Co., Ltd. is a wholly owned subsidiary of TMB
Bank Public Company Limited, a market-leading bank in Thailand with
over 400 branches and 6.4 million retail customers (as at 31 March
2018). It has THB 422 billion (equivalent to £10 billion) in
assets under management (as at 31 March 2018) across a broad range
of asset classes.
Forward-Looking Statements
This document may contain 'forward-looking statements' with respect
to certain of Prudential's plans and its goals and expectations
relating to its future financial condition, performance, results,
strategy and objectives. Statements that are not historical facts,
including statements about Prudential's beliefs and expectations
and including, without limitation, statements containing the words
'may', 'will', 'should', 'continue', 'aims', 'estimates',
'projects', 'believes', 'intends', 'expects', 'plans', 'seeks' and
'anticipates', and words of similar meaning, are forward-looking
statements. These statements are based on plans, estimates and
projections as at the time they are made, and therefore undue
reliance should not be placed on them. By their nature, all
forward-looking statements involve risk and uncertainty. A number
of important factors could cause Prudential's actual future
financial condition or performance or other indicated results to
differ materially from those indicated in any forward-looking
statement. Such factors include, but are not limited to, the
timing, costs and successful implementation of the demerger of the
M&G Prudential business; the future trading value of the shares
of Prudential plc and the trading value and liquidity of the shares
of the to-be-listed M&G Prudential business following such
demerger; future market conditions, including fluctuations in
interest rates and exchange rates, the potential for a sustained
low-interest rate environment, and the performance of financial
markets generally; the policies and actions of regulatory
authorities, including, for example, new government initiatives;
the political, legal and economic effects of the UK's decision to
leave the European Union; the impact of continuing designation as a
Global Systemically Important Insurer or 'G-SII'; the impact of
competition, economic uncertainty, inflation and deflation; the
effect on Prudential's business and results from, in particular,
mortality and morbidity trends, lapse rates and policy renewal
rates; the timing, impact and other uncertainties of future
acquisitions or combinations within relevant industries; the impact
of internal projects and other strategic actions failing to meet
their objectives; disruption to the availability, confidentiality
or integrity of Prudential's IT systems (or those of its
suppliers); the impact of changes in capital, solvency standards,
accounting standards or relevant regulatory frameworks, and tax and
other legislation and regulations in the jurisdictions in which
Prudential and its affiliates operate; and the impact of legal and
regulatory actions, investigations and disputes. These and other
important factors may, for example, result in changes to
assumptions used for determining results of operations or
re-estimations of reserves for future policy benefits. Further
discussion of these and other important factors that could cause
Prudential's actual future financial condition or performance or
other indicated results to differ, possibly materially, from those
anticipated in Prudential's forward-looking statements can be found
under the 'Risk Factors' heading in its most recent Annual Report
and the 'Risk Factors' heading of Prudential's most recent annual
report on Form 20-F filed with the U.S. Securities and Exchange
Commission, as well as under the 'Risk Factors' heading of any
subsequent Prudential Half Year Financial Report. Prudential's most
recent Annual Report, Form 20-F and any subsequent Half Year
Financial Report are available on its website
at www.prudential.co.uk
Any forward-looking statements contained in this document speak
only as of the date on which they are made. Prudential expressly
disclaims any obligation to update any of the forward-looking
statements contained in this document or any other forward-looking
statements it may make, whether as a result of future events, new
information or otherwise except as required pursuant to the UK
Prospectus Rules, the UK Listing Rules, the UK Disclosure and
Transparency Rules, the Hong Kong Listing Rules, the SGX-ST listing
rules or other applicable laws and regulations.
[1] Source: TMB Investor
factsheet (as of March 2018)
[2] Assets under
management as at 31 March 2018
[3] Source: Cerulli Asset
Management in Southeast Asia 2017 Report, data as of Dec
2016
[4] Source: TMB Investor
factsheet (as of March 2018)
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: 25
July 2018
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PRUDENTIAL
PUBLIC LIMITED COMPANY
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By:
/s/ Alan Porter
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Alan
Porter
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Group
General Counsel and Company Secretary
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