KUALA LUMPUR: Maybank Asset Management Group Bhd (MAMG) has completed the acquisitions of 100 per cent stake in Amanah Mutual Bhd (AMB) and Singapore Unit Trusts Ltd (SUTL) after having received all the required regulatory approvals.
The deal entailed MAMG acquiring ownership of AMB for RM16.12 million and SUTL for RM34.88 million from Permodalan Nasional Bhd (PNB), which is a shareholder of MAMG’s parent company, Malayan Banking Bhd.
Coinciding with the completion of the acquisitions, MAMG also announced two senior management appointments effective April 25, 2018.
Badrul Hisyam Abu Bakar, who was previously chief executive officer (CEO) of Maybank Asset Management Sdn Bhd (MAMSB), has been appointed MAMG CEO to oversee the regional development of Maybank’s asset management business.
Badrul joined MAMSB in 2010 as chief investment officer and later became the regional head of Investment in late 2011, before assuming the position of CEO in January 2014.
Ahmad Najib Nazlan on the other hand will succeed Badrul as MAMSB CEO. He was previously Maybank Islamic Asset Management Sdn Bhd (MIAM) CEO.
Prior to that, he was the Malaysia chief investment officer of a global investment management firm and had served in various capacities at Bank Negara Malaysia.
Bardul said the acquisitions of AMB and SUTL will increase the company’s assets under management (AUM), which has more than doubled over the last four years from RM12.6 billion in December 2013 to RM31.3 billion in December 2017.
“While we continue to build on the success of our institutional business, the acquisition of AMB gives us the opportunity to bring a fresh approach to retail investing clients,” he said.
Badrul said the funds from AMB and SUTL complement the over 200 investment solutions that MAMG now has access to through its partnerships with well-established, global investment managers.
This opens the door for MAMG to build more intelligent portfolios that connect investors with opportunities across a myriad of strategies and asset classes; ultimately serving to maximise its investors’ wealth journeys in a sustainable manner, he added.