Allianz Global Investors (AllianzGI) is reportedly in exclusive talks to acquire the asset management division of Singapore's United Overseas Bank Ltd. (UOB). According to sources familiar with the matter, AllianzGI outbid other rivals to become the most likely buyer, with the transaction potentially valued at up to S$600 million, or approximately $467 million.
UOB Asset Management, established in 1986, is a wholly-owned subsidiary of UOB and manages over S$41 billion in assets. Beyond Singapore, it has operations in Brunei, Indonesia, Japan, Malaysia, Thailand, and Vietnam. The negotiations are ongoing, and no final decisions have been reached. A critical aspect of the discussions involves the extent to which UOB's distribution network across Southeast Asia would be included in the deal.
UOB had been exploring options for its asset management arm, including a potential sale, as part of a strategy to streamline its portfolio. Other bidders for the unit included Amundi SA, KKR & Co., and Temasek Holdings Pte Ltd.'s Seviora. AllianzGI, owned by German insurer Allianz SE, had approximately €600 billion (US$697 billion or $895.52 billion) in assets under management as of the end of March, encompassing equity, fixed income, private market, and multi-asset strategies.
