Eastspring Investments

Last updated

Eastspring Investments
Type Subsidiary
Industry Investment Management
Founded1994;29 years ago (1994)
Headquarters
Marina Bay Financial Centre, Singapore
Number of locations
11 markets in Asia
Key people
Seck Wai Kwong (CEO)
AUM US$228 billion (June 2023)
Number of employees
~400 (2023)
Parent Prudential plc
Website www.eastspring.com
Footnotes /references
[1] [2]

Eastspring Investments (also known as Eastspring) is an investment management firm headquartered in Singapore that is focused on investments throughout Asia. It is a subsidiary of Prudential plc.

Contents

History

Eastspring was originally the investment management arm of Prudential Corporation Asia, the asian branch of Prudential plc that was established in 1994. [1] [2] [3] [4] [5]

In 1998, it formed a joint venture with ICICI Bank named ICICI Prudential Mutual Fund which is located in Mumbai and is currently one of the largest asset management companies in India. [1] [2] [3] [6] [7]

In 1999, it formed a joint venture with BOC International named BOCI-Prudential Asset Management to provide services for Mandatory Provident Fund scheme in Hong Kong. [1] [2] [8] [9]

In 2005, it formed a joint venture with CITIC Group named CITIC-Prudential Fund Management Company which is based in Shanghai. [1] [2]

In 2009, it established Eastspring Al-Wara' Investments Berhad in Malaysia to enter the Islamic finance business. [2] [10]

In 2011, the investment management arm was rebranded to have its own separate brand name, Eastspring Investments. [2] [3] [4] There were various reasons for the business to operate under its own brand name. Fifty percent of its assets under management from third parties rather than Prudential itself. [3] There were also legal constraints on using the name "Prudential" to label the firm or its products as Prudential Financial, a non-related US company already had the legal rights to use the name. [3] Finally the business had little name recognition in the United Kingdom and at the time, Prudential already had an investment management arm set up there named M&G. [3]

In July 2018, it acquired 65% of TMB Asset Management from TMBThanachart Bank in Thailand. [1] [2] [11] [12] It made a further acquisition in thailand in September 2019, where it acquired 50.1% of Thanachart Fund Management from Thanachart Bank for $137m [1] [2] [12] [13] In 2022, all Thailand entities were merged into one entity forming Eastspring Asset Management (Thailand) Company Limited. [14]

Business overview

Eastspring is focused on 11 markets in Asia and is headquartered in Singapore. Although its business is mainly in Asia, it has additional distribution offices in North America and Europe. [1] [2] [3] [4]

Eastspring focuses on four asset classes: Equity, Fixed Income, Multi Asset Solutions and Quantitative. [1]

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References

  1. 1 2 3 4 5 6 7 8 9 "Wayback Machine" (PDF). 5 November 2022. Archived from the original (PDF) on 5 November 2022.
  2. 1 2 3 4 5 6 7 8 9 10 "Company overview | Global | Eastspring Investments". www.eastspring.com.
  3. 1 2 3 4 5 6 7 "New name signals global push for Eastspring | Moves | AsianInvestor". 28 January 2022. Archived from the original on 28 January 2022. Retrieved 5 November 2022.
  4. 1 2 3 Ben-AmiNovember 2017, Daniel. "Strategically speaking: Eastspring". IPE. Retrieved 5 November 2022.
  5. ↑ "Top 5 1st Quarter Trades of PR - GuruFocus.com". www.gurufocus.com. Retrieved 5 November 2022.
  6. ↑ Das, Saikat. "ICICI Prudential AMC completes a decade, highlights focus". The Economic Times. Retrieved 5 November 2022.
  7. ↑ "Top 10 AMCs in India 2022 | Best Mutual Fund Companies". www.fincash.com. Retrieved 5 November 2022.
  8. ↑ "Prudential Asset Management enters Hong Kong retail fund market". www.prudentialplc.com. Retrieved 5 November 2022.
  9. ↑ "BOCI-Prudential Asset Management Limited". www.ifund.com.hk. Retrieved 5 November 2022.
  10. ↑ "Prudential unit appoints CEO for M'sian Islamic funds business". The Star. Retrieved 5 November 2022.
  11. ↑ "Eastspring acquires 65% of Thailand's TMB Asset Management | Asia Asset Management". www.asiaasset.com. Retrieved 5 November 2022.
  12. 1 2 "Prudential's Eastspring buys second Thai asset manager to boost growth". Reuters. 1 October 2019. Retrieved 5 November 2022.
  13. ↑ "Eastspring completes acquisition of Thai mutual fund manager". 3 January 2020. Archived from the original on 3 January 2020. Retrieved 5 November 2022.
  14. ↑ Ajanapanya, Nongluck (25 July 2022). "New trends make Thai saving-investment market 'brightest in SE Asia'". nationthailand. Retrieved 5 November 2022.
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