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Maybank AM completes PNB acquisition

Malaysia’s Maybank Asset Management has completed its acquisition of Permodalan Nasional Berhad’s (PNB) Malaysia and Singapore fund businesses, according to a statement from the firm.
Maybank AM completes PNB acquisition

Maybank AM paid RM16.12m ($4.06m) for Malaysia-based Amanah Mutual Berhad (AMB) and RM34.88m for Singapore Unit Trusts (SUT). PNB, which is the largest state-owned asset manager in Malaysia, is also a shareholder of Maybank, the parent of Maybank AM.

The firm first announced its intention to acquire PNB’s fund management businesses in Malaysia and in Singapore in December.

“The proposed acquisitions will help solidify our presence in the retail market of Malaysia and Singapore and will result in the creation of a larger entity with greater investment expertise,” the firm said in its 2017 annual report that was published in March.

The acquisition of PNB’s fund management businesses increased Maybank AM’s to RM31.3bn, according to the statement. Previously, the firm managed RM23.2bn in assets as of July 2016, according to the firm’s website.

AMB managed 16 funds, with assets of around RM2.11bn in 2016, according to AMB’s website.

In Singapore, SUT has two fund products targeting institutional investors, according to the firm’s website. SUT managed around S$12m in assets as of the end of 2016.

Maybank AM manages two funds in Singapore with assets of around S$15.3m ($11.4m), according to the firm’s interim report for June 2017.

The firm sees the acquisition in the Lion city as a means to expand its Singapore retail and institutional businesses.

“Singapore is a key market for Maybank AM Group to support its Asean growth plans, serving as its regional hub and home to its team of analysts and investment experts,” the firm said in the statement.

In total, the asset management group has four entities: Maybank AM Sdn Bhd and Maybank Islamic AM in Malaysia, Maybank AM Singapore and PT Maybank AM in Indonesia.

New appointments

The firm said in the same statement that it has made two senior management appointments. Badrul Hisyam Abu Bakar, who was previously CEO for Maybank AM Sdn Bhd in Malaysia, has been named as CEO for Maybank AM Group to oversee the regional development of Maybank’s asset management business.

“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,” Badrul said in the statement.

Ahmad Najib Nazian will succeed Badrul as CEO for Maybank AM Sdn Bhd. He was previously CEO for Maybank Islamic Asset Management.

FSA sought more information from Maybank AM, but it was not able to comment about who Badrul replaced and if it has found a replacement for Ahmad.


Part of the Mark Allen Group.