Nikko Asset Management Group (Nikko AM) has
completed the acquisition of DBS Asset Management (DBSAM) from DBS
Bank – making Nikko AM the largest regional asset manager
headquartered in Asia.
The transaction boosts Nikko AM’s assets under
management by $7.9bn to more than $165bn.
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DBS has in turn acquired a 7.25% stake in the
enlarged Nikko AM, thereby forming a strategic alliance between the
two companies.
DBS to distribute Nikko
products
As part of the alliance, DBS and Nikko AM have
entered into a non-exclusive distribution agreement through which
Nikko AM’s investment products can be distributed through DBS’s
network of core markets in the region.
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By GlobalDataEmployees of Nikko AM’s subsidiary in
Singapore, Nikko Asset Management Singapore (NAMs) will transfer to
DBSAM within the next few weeks.
DBSAM will be renamed Nikko Asset Management
Asia (Nikko AM Asia) on or around 17 October and will provide broad
investment services across Asian equities and Asian fixed
income.
Singapore will become the new centre of
excellence for Nikko AM in Southeast Asia, and will have larger
teams of fund managers, and operations and marketing
professionals.
