MAYBANK SEALS AMB, SUTL ACQUISITIONS

KUALA LUMPUR: Maybank Asset Management Group Bhd has completed the acquisitions of Amanah Mutual Bhd (AMB) and Singapore Unit Trusts Ltd (SUTL).

Maybank Asset Management acquired AMB for RM16.12 million and SUTL for RM34.88 million from Permodalan Nasional Bhd, which is a shareholder of Maybank Asset Management’s parent company, Malayan Banking Bhd.

Maybank Asset Management also announced two senior management appointments effective April 25.

Badrul Hisyam Abu Bakar, previously chief executive officer (CEO) of Maybank Asset Management Sdn Bhd (MAMSB), has been appointed Maybank Asset Management CEO to oversee the regional development of Maybank’s asset management business.

Meanwhile, Ahmad Najib Nazlan will succeed Badrul as MAMSB CEO. He was previously Maybank Islamic Asset Management Sdn Bhd CEO.

Bardul said the acquisitions of AMB and SUTL would increase the company’s assets under management, which had more than doubled over the last four years from RM12.6 billion in December 2013 to RM31.3 billion in December last year.

“While we continue to build on the success of our institutional business, the acquisition of AMB gives us the opportunity to bring a fresh approach to retail investing clients.”

He said the funds from AMB and SUTL complemented the more than 200 investment solutions that Maybank Asset Management had access to through partnerships with global investment managers.

This opened the door for Maybank Asset Management to build more intelligent portfolios that connected investors with opportunities across a myriad of strategies and asset classes, he added.