After Eastspring Investments completed an acquisition of 50.1% of Bangkok-based Thanachart Fund Management in late-December, the firm last month has launched its first product that is co-branded with the Thai firm, according to Xavier Meyer, Eastspring’s head of distribution.
Under the Thanachart Fund Eastspring brand, the firm rolled out the Thanachart Eastspring Global Technology Fund, which is the white-labelled version of the Polar Capital Global Technology Fund.
During its initial public offering period on 28 January-5 February, the technology fund was able to raise THB 5.1bn ($160m), which was also the highest IPO amount raised in Thanachart Fund’s history, Meyer told FSA.
As of January, Thanachart Fund is the seventh largest asset manager in Thailand, with THB 206bn in assets, according to data from Morningstar Direct.
During the same month, Eastspring also launched another feeder fund under the TMBAM Eastspring brand, which is the TMB Eastspring Global Smart Bond Fund. The fund mainly invests its assets to JP Morgan’s Income Fund.
The TMBAM Eastspring brand was created after Eastspring completed an acquisition of 65% of Bangkok-based TMB Asset Management from TMB Bank in September 2018. As of January, TMBAM Eastspring is the fourth largest fund manager in Thailand, with THB 469bn in assets, according to data from Morningstar Direct.
According to Meyer, the Global Smart Bond Fund was able to raise at least THB 6bn during its initial public offering on 13-21 January. Like the Thanachart Eastspring product, it was also the highest IPO amount raised in TMBAM’s history, Meyer said.
In total, Eastspring has raised THB 11.1bn from the two new products.
Other Asia markets
Eastspring has also been active in other parts of the region.
In China, the firm recently received approval from the Asset Management Association of China (Amac) to launch a qualified domestic limited partnership (QDLP) product.
In Taiwan, the firm rolled-out two fixed maturity products last year, which collectively raised $643m.
In November, the firm was getting ready to roll out three mutual funds in Singapore.
In the Philippines, Pru Life, the insurance affiliate of Eastspring Investments, established a stand-alone trust company, Pru Life UK Asset Management and Trust Corporation, in October. As of December, the new firm has registered five mutual fund products in the Philippines, according to data from the Trust Officers Association of the Philippines.
