Allianz Global Investors has entered an agreement to acquire UOB Group’s asset management, in a move set to enhance the firm’s growth strategy in APAC.
Tobias Pross
The deal will boost AllianzGI’s assets under management in the APAC region to €170 billion and establishes a combined investment management business to enhance client experience across high-growth markets, such as Thailand, Malaysia and Vietnam.
Specifically, the move is expected to broaden the suite of investment products and wealth solutions available to AllianzGI clients, building on the firm’s already established presence in Singapore, Taiwan and Indonesia.
Tobias Pross, chief executive of AllianzGI, said: “UOBAM is one of South-East Asia’s leading asset managers, with very well-regarded investment capabilities and a strong distribution network. Adding their complementary South-East Asian investment expertise to our global platform will boost our combined offering and significantly accelerate our growth in this dynamic region.
“Reinforcing our long-term commitment to broadening the reach of our investment offering in South-East Asia, this deal provides us with deeper market connectivity and opens new opportunities to engage with an expanded base of clients.”
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Key investment expertise set to be integrated through the new combined platform include regional and single-country equity strategies and Sharia-compliant offerings, as well as support for the development of future differentiated solutions.
The acquisition also aligns with a distribution agreement which will provide AllianzGI with long-term access to UOB’s retail client network.
Singapore-headquartered UOB is currently the third largest bank in South-East Asia, and its client base totals more than eight million clients, with presence in Singapore, Brunei, Thailand, Malaysia, Indonesia, Taiwan, Japan and Vietnam.
Similarly, the firm’s asset management arm – UOBAM – currently holds €28 billion in assets under management.
“This partnership sharpens our focus on wealth advisory and distribution,” added Wee Ee Cheong, deputy chair and chief executive of UOB.
“By combining UOB’s advisory expertise and customer relationships with Allianz Global Investors’ investment capabilities, we are well positioned to meet our customers’ evolving needs and support their long-term wealth goals. This also enables us to accelerate wealth management growth while enhancing long-term shareholder value.”