Amova Asset Management (Amova AM) has obtained regulatory approval for an additional 77% stake in Malaysian asset manager AHAM Capital, officially making it a subsidiary.
Combined with the firm’s existing 20% stake, this means Amova now owns more than 97% of AHAM Capital, with Amova set to acquire the remaining shares in “due course”.
The acquisition builds on a 15-year partnership between the firms, allowing Amova to further expand into Malaysia and Southeast Asia through AHAM Capital’s experience and established position in this space.
Stefanie Drews, president and CEO at Amova AM, said: “With the completion of this transaction, we strengthen our capabilities in Malaysia and Southeast Asia, allowing us to work more closely with AHAM Capital while continuing to improve the offering of our products and services globally.”
Dato’ Teng Chee Wai, managing director at AHAM Capital, added: “With their [Amova’s] support, we are well positioned to expand our offerings and better serve our clients, while providing greater access to regional and global opportunities and continuing to deliver the same level of service and investment discipline our clients expect.”
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