KUALA LUMPUR: Kenanga Investors Bhd (KIB), the asset management arm of Kenanga Investment Bank Bhd, has completed its business consolidation exercise with its wholly-owned subsidiary, Libra Invest Bhd (LIB).
KIB obtained the High Court of Malaya’s approval effective Nov 29, 2019 to transfer identified assets, liabilities and undertakings of LIB to affect the aforesaid transfer.
“Consequently, KIB will assume the role of investment manager for the funds to be placed under KIB’s suite of fund offerings. Twelve retail and four wholesale funds of LIB were vested over to KIB at the end of the Nov 29 business day,” it said in a statement.
Back in July, KIB completed the acquisition of a 100 per cent equity stake in LIB in accordance with the conditional share purchase agreement it had entered with LIB’s then holding company, ECM Libra Financial Group Bhd.
It said KIB’s total asset under management has increased to about RM13.2 billion, including the AUM of its other wholly-owned subsidiary, Kenanga Islamic Investors Bhd.
With the consolidation, KIB will be able to harness and convert these newly acquired resources and capabilities into an expanded suite of product offerings, new business lines, cost efficiencies and enhanced distribution strength following the exercise. -- Bernama