Maybank Asset Management completes acquisitions of Amanah Mutual, Singapore Unit Trusts

KUALA LUMPUR: Maybank Asset Management Group Bhd (MAMG), a wholly-owned subsidiary of Malayan Banking Bhd (Maybank), completed its acquisitions of 100% equity interest in Amanah Mutual Bhd (AMB) and Singapore Unit Trusts Limited (SUTL) having received all the required regulatory approvals.
The deal entailed MAMG acquiring ownership of AMB for RM16.12 million and SUTL for RM34.88 million from Permodalan Nasional Bhd, which is also a shareholder of Maybank.
MAMG also announced two senior management appointments effective April 25, 2018.
Badrul Hisyam Abu Bakar, who was previously CEO of Maybank Asset Management Sdn Bhd (MAMSB), has been appointed CEO of MAMG to oversee the regional development of Maybank’s asset management business.
Ahmad Najib Nazlan will succeed Badrul as CEO of MAMSB. He was previously CEO of Maybank Islamic Asset Management Sdn Bhd (MIAM).
The acquisitions of AMB and SUTL will increase the company’s assets under management, which has more than doubled over the last four years from RM12.6 billion in December 2013 to RM31.3 billion in December 2017.
“While we continue to build on the success of our institutional business, the acquisition of AMB gives us the opportunity to bring a fresh approach to retail investing clients. Our offering will be simpler, smarter, better and delivered in a way that is more attuned to today’s investing environment,” Badrul said.
The funds from AMB and SUTL complement the over 200 investment solutions that MAMG now has access to through its partnerships with well-established, global investment managers.
This opens the door for MAMG to build more intelligent portfolios that connect investors with opportunities across a myriad of strategies and asset classes; ultimately serving to maximise its investors’ wealth journeys in a sustainable manner.
MAMG currently has presence in Malaysia through MAMSB and MIAM; Maybank Asset Management Singapore Pte Ltd (MAMS) in Singapore; and PT Maybank Asset Management in Indonesia.
As a premier asset management centre in Asia, Singapore is a key market for MAMG to support its Asean growth plans, serving as its regional hub and home to its team of analysts and investment experts.