ING said the Thai business, which is among the top three foreign fund management companies operating in the country, was sold for €10m. The business manages around €3bn of assets for local clients, the majority of which are third party.
UOBAM is a wholly-owned subsidiary of United Overseas Bank which has been managing collective investment schemes and discretionary funds in Singapore for more than 25 years. As of 30 September last year, UOBAM managed about S$25bn in clients’ assets. In addition to Singapore, UOBAM also has investment operations in Malaysia and Thailand.
The company has been selling down its business units in Asia for some time and last month completed the sale of its South Korean joint venture to its business partner.
ING has also recently sold its Malaysian insurance business to AIA and its Malaysian investment business to a local fund manager.
