Nikko Asset Management (Nikko AM) Asia has signed a memorandum of understanding (MOU) to acquire a Singapore-based Asian equities boutique.
The acquisition will add seven investment professionals based in Lion City to Nikko AM.
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The deal is expected to close by the end of this month, subject to due digilence and regulatory approvals.
Wang-Yu-Ming, who is the international CEO for Nikko AM based in Japan will oversee the trasition in Singapore.
Ming has also confirmed the departure of CIO Ng Soo Nam and portfolio managers Christine Seng and Liang Weixiong who will leave the firm 25 September 2013.
Nikko AM said that Lai Yeu Huan, Winson Fong, Winston Lum and Anuja Munde have assumed responsibility of strategies affected by Ng’s departure from 1 September 2013.
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By GlobalDataLai will take responsibility for the Singapore strategies, while Fong will assume responsibility for the China strategies, while Lum and Munde will be put in charge of Asia and Southeast Asia strategies, respectively.
Wang Yu-Ming said: "We have signed an MOU to acquire a Singapore-based boutique that specialises in Asia equity investing. This team has a long track record of investing in Asia equity for a client base that is mainly global institutional clients.
"Subject to regulatory approval, the acquisition will bring institutional expertise to the firm and key factors considered were cultural compatibility, sharing of investment philosophy, strength of investment process and consistency of performance.
"We will be recruiting additional talent. I’m always looking for good people. Strong talents are hard to come by, and part of my job is to look for talents that are compatible with Nikko AM," added Wang.
