AllianzGI acquires UOB Asset Management, including its Vietnam operations

According to the statement on August 5, the transaction will strengthen AllianzGI’s business in Asia-Pacific, bringing the assets it manages for clients in the region to more than €170 billion, and enabling the combined business to develop a market-leading client experience for investors throughout Southeast Asia.

The proposed acquisition of an established on-the-ground asset management platform would provide access for AllianzGI to a number of important high-growth markets, including Vietnam, Thailand and Malaysia. It will also provide an opportunity to further scale AllianzGI’s business in markets where it has an established presence, including Singapore, Taiwan (China) and Indonesia.

AllianzGI and UOB Asset Management's (UOBAM) investment capabilities are highly complementary. UOBAM offers strong Southeast Asian market investment expertise, and AllianzGI has a comprehensive global product suite grounded in active investing. Together, the combination will enable clients to benefit from access to a broader range of innovative investment capabilities and solutions.

The combined platform will offer strengthened Southeast Asia Asian investment expertise, including regional and single-country equity strategies and Sharia-compliant offerings, as well as support the development of further, future differentiated solutions for clients.

The transaction is, importantly, accompanied by a long-term distribution agreement which provides long-term access to the retail client network of UOB, reflecting the bank’s confidence in the combined group’s ability to serve its client base with innovative products.

Tobias Pross, CEO of Allianz Global Investors, said, “UOBAM is one of Southeast Asia’s leading asset managers, with very well-regarded investment capabilities and a strong distribution network. Adding their complementary Southeast Asian investment expertise to our global platform will boost our combined offering and significantly accelerate our growth in this dynamic region.

“Reinforcing our long-term commitment to broadening the reach of our investment offering in Southeast Asia, this deal provides us with deeper market connectivity and opens new opportunities to engage with an expanded base of clients. With a strengthened regional presence, we will be able to serve an even broader range of investors, providing them with access to a wider range of innovative wealth management and retirement solutions that help them meet their investment objectives,” said Pross.

Wee Ee Cheong, deputy chairman and CEO of UOB, said, “UOB serves more than 8 million customers across ASEAN, whose wealth and investment needs are becoming increasingly diverse and sophisticated. This partnership sharpens our focus on wealth advisory and distribution. By combining UOB's advisory expertise and customer relationships with Allianz Global Investors’ investment capabilities, we are well positioned to meet our customers’ evolving needs and support their long-term wealth goals."

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