AllianzGI Asia Pacific Limited, a wholly owned subsidiary of AllianzGI, has completed its acquisition of the entire equity interest in PT RHB Asset Management Indonesia (RHBAMI), an Indonesia-based asset manager, from PT RHB Sekuritas Indonesia.
Following the approval of the Indonesian financial services authority, this marks the completion of the acquisition proposed by AllianzGI and RHB Banking Group on 26 July 2021. RHBAMI will be renamed PT Allianz Global Investors Asset Management Indonesia after completion of the deal.
The acquisition is an important addition to AllianzGI’s established presence in Asia, reinforcing its commitment to Southeast Asia’s and Indonesia’s fast-growing financial market, the firm said in a statement.
“Asia is a growth market for AllianzGI and we look forward to further accelerating the business integration in Indonesia and taking our business in Asia to the next level,” Desmond Ng, head of Asia Pacific at AllianzGI, said.
“As one team we will engage investors locally and introduce our investment solutions managed by our investment professionals across the globe,” Ng added.
As at 31 December 2021, RHBAMI has AUM of approximately $340m. 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.
“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,” Tobias Pross, AllianzGI’s chief executive officer, said earlier in 2021.
AllianzGI is an active asset manager that manages EUR 647bn ($739.6bn) in assets and has 23 offices worldwide, according to the firm.
