Allianz to acquire UOB Asset Management unit

Allianz Global Investors has entered into an agreement to acquire UOB Asset Management, the asset management business of Singapore-headquartered UOB Group for $433 million.

The transaction will strengthen AllianzGI’s business in Asia Pacific and will bring the assets it manages for clients in the region to more than €170 billion.

The transaction is accompanied by a long-term distribution agreement which provides long-term access to the retail client network of UOB.

UOB is the third largest bank in South-East Asia by total assets, with over 8 million clients and around 400 regional branches.

“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. With a strengthened regional presence, we will be able to serve an even broader range of investors, providing them with access to a wider range of innovative wealth management and retirement solutions that help them meet their investment objectives.” – Tobias Pross, CEO of Allianz Global Investors.