Allianz Global Investors (AllianzGI) has agreed to acquire PT RHB Asset Management Indonesia (RHBAMI) from RHB Banking Group at an undisclosed cost.
“We see Southeast Asia as the next growth engine besides China; backed by the solid presence of the parent company, Allianz SE, in Indonesia, the proposed acquisition is a confident stride to accelerate our entry into this fast-growing market,” said Tobias Pross, AllianzGI’s chief executive officer.
The asset manager’s entry into Indonesia comes after it has set up businesses in Singapore, Hong Kong and Taiwan.
“Indonesia is the largest economy in Southeast Asia with a young population and rapid economic growth. We are ready to tap into this dynamic market for its long-term growth potential and to strengthen our franchise in Southeast Asia which has long been a strategic focus for AllianzGI,” said Desmond Ng, head of Asia Pacific at Allianz GI.
The transaction is between Allianz GI’s wholly-owned subsidiary Allianz Global Investors Asia Pacific Limited, and a shareholder of RHBAMI, PT RHB Sekuritas Indonesia. The deal is expected to be completed in the fourth quarter this year, subject to approval by the Indonesian Financial Services Authority (OJK).
RHBAMI is an Indonesian asset management company with assets under management of over $480m as of 2020. It offers asset management products and services, such as mutual fund units in various asset classes catering for retail investors, high net worth individuals, and corporate and institutional investors.
Earlier this year, Allianz GI launched four green funds to Singapore retail investors, namely the Allianz Smart Energy, Allianz Clean Planet, Allianz Sustainable Health Evolution and the Allianz Positive Change funds. In Hong Kong, Allianz GI is one of the two fund managers having the most number of ESG-approved funds as of March this year.