UOB Asset Management (UOBAM) has signed an agreement to acquire a 75% stake in PT PG Asset Management (PGAM) from PT Multikem Suplindo.

Under the terms of the agreement, UOBAM, the wholly-owned subsidiary of United Overseas Bank (UOB), will pay S$2.25m as consideration.

The deal, part of UOB Group’s regionalisation plans, is expected to bolster UOBAM’s Asian franchise and its presence.

The completion of the transaction is subject to regulatory approvals from Indonesian and Singaporean authorities.

Once the deal is completed, PGAM will operate as a subsidiary of UOBAM.

PGAM had assets under management of around IDR255.4bn (S$ 24.1m) as of 28 September 2018.

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“The acquisition is not expected to have a material impact on earnings or the net tangible assets of UOBAM or the UOB Group for the current financial year,” UOB said in a statement.

Established in 1986, UOBAM and its subsidiaries are engaged in collective investment schemes and discretionary fund management in Singapore.

As of 31 July 2018, it manages about S$32.4bn in clients assets.

UOBAM is one of the largest unit trust managers in Singapore on the basis of assets under management. It manages 56 unit trusts in Singapore.

Besides Singapore, the company operates across various Asian countries including Malaysia, Thailand, Brunei, Taiwan and Japan.