UOBAM is a wholly-owned subsidiary of United Overseas Bank which has been managing collective investment schemes and discretionary funds in Singapore.
As of 30 September 2012, UOBAM managed about S$25 billion in clients’ assets. In addition to Singapore, UOBAM also has investment operations in Malaysia and Thailand.
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As on 20 November 2012, ING has received a total cash consideration of EUR10 million for the investment management business in Thailand.
ING said that the transaction does not impact its other businesses in the region.
