Maybank Asset Management Group (MAMG), a wholly-owned subsidiary of Maybank, has concluded the acquisitions of Amanah Mutual Berhad (AMB) and Singapore Unit Trusts Limited (SUTL), after securing the required regulatory approvals.

MAMG acquired ownership of AMB for MYR16.12m ($4.05m) and SUTL for MYR34.88m ($8.76m) from Permodalan Nasional Berhad (PNB), which is also a shareholder of Maybank.

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Additionally, MAMG announced two senior management appointments effective 25 April 2018.

Badrul Hisyam Abu Bakar has been named CEO of MAMG to manage the regional development of Maybank’s asset management business. Previously, he served as CEO of Maybank Asset Management Sdn Bhd (MAMSB).

In 2010, Badrul joined MAMSB as chief investment officer and later elevated as the regional head of investment in late 2011. He was promoted as CEO in January 2014.

Maybank’s group CEO of Global Banking Dato’ Muzaffar Hisham said: “We are pleased to have Badrul expand his leadership role during this exciting new phase of growth. This move is a logical next step for him as he has played a vital role in the success of our Malaysian operations and we are confident that he will lend the same leadership capabilities to MAMG in strengthening our foothold in the ASEAN region.”

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Meanwhile Ahmad Najib Nazlan will succeed Badrul as CEO of MAMSB. Earlier, he was CEO of Maybank Islamic Asset Management Sdn Bhd (MIAM). Before, he served as the Malaysia chief investment officer of a global investment management firm and had served in various capacities at Bank Negara Malaysia.

“With the new leadership team heading our MAMG operations, we have the proven expertise to meet our clients’ investment needs and to attract more investors in the institutional and retail spaces,” Dato’ Muzaffar added.

MAMG said that the funds from AMB and SUTL complement the more than 200 investment solutions which it is now able to access through partnerships with established, global investment managers.