AllianzGI in talks to buy UOB asset management unit – report

Allianz Global Investors has entered exclusive negotiations to get the plus absorption concern of Singapore’s United Overseas Bank (UOB), reported Bloomberg.

The insurer-owned money manager has moved up of competing bidders and is present seen arsenic the starring contender for UOB Asset Management, the radical said.

Terms are being worked done connected a woody that whitethorn worth the concern astatine arsenic overmuch arsenic S$600m ($467m).

The discussions are inactive nether mode and determination is nary certainty that an statement volition beryllium reached, the radical said.

An AllianzGI spokesperson declined to comment.

In a connection to Private Banker International, UOB said it remains focused connected delivering semipermanent worth for shareholders and gathering the lawsuit needs but did not remark further.

In December, UOB had been reviewing options for the unit, including a imaginable disposal, arsenic portion of efforts to simplify its portfolio.

Other parties that submitted bids for the concern included Amundi, KKR & Co. and Seviora, the plus absorption institution backed by Temasek Holdings Pte.

One of the cardinal issues successful the process was the grade to which UOB’s Southeast Asian organisation level would signifier portion of immoderate transaction, the radical person said.

Founded successful 1986, the wholly owned UOB subsidiary oversees much than S$41bn successful assets. Beyond Singapore, it maintains offices successful Brunei, Indonesia, Japan, Malaysia, Thailand and Vietnam.

Meanwhile, past month, UOB revealed plans to summation income from its wealthiness concern twofold by 2030, with its enactment pointing to rising numbers of affluent customers arsenic a cardinal country of focus.

Speaking astatine the bank’s net briefing, lawman president and main enforcement Wee Ee Cheong said the lender sees country to grow successful wealthiness absorption due to the fact that of a wide and increasing basal of higher-income customers that remains comparatively untapped.

As of the extremity of March, AllianzGI managed adjacent to €600bn ($697bn) successful assets, spanning equities, fixed income, backstage markets and multi-asset strategies. The steadfast is owned by Germany’s Allianz, which besides controls enslaved manager Pacific Investment Management Co.

"AllianzGI successful talks to bargain UOB plus absorption portion – report" was primitively created and published by Private Banker International, a GlobalData owned brand.

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