One of Asia’s largest asset managers, Amova Asset Management Co, formerly known as Nikko AM, has agreed to acquire a controlling stake in Malaysia’s AHAM Asset Management (AHAM Capital).
The transaction, which is subject to regulatory approvals, will increase Amova’s ownership in AHAM Capital from 20% to 97.7%.
Amova Asset Management, which is part of the Sumitomo Mitsui Trust Group (SuMiTG), is expected to invest up to 90 billion yen ($580 million) in the acquisition, according to SuMiTG’s website.
AHAM Capital will continue to operate as usual under its existing management and leadership team after the transaction, the firms said in a statement.
The deal also provides an exit to AHAM Capital’s major shareholder, CVC Capital Partners. The global private equity firm had acquired a roughly 68% equity stake in AHAM Capital in 2022.
Established in 2001, AHAM Capital, together with its wholly-owned Islamic fund management arm AIIMAN Asset Management, has more than 100 billion ringgit (around $25 billion) in assets under management (AUM), making it one of the top three asset managers in Malaysia.
It offers a range of asset classes to clients, including alternatives and exchange-traded funds. The firm also counts Bintang Capital Partners as its wholly-owned private equity arm.
Amova Asset Management has some $260 billion in AUM as of June 30.
