KUALA LUMPUR: Affin Hwang Asset Management Bhd (Affin Hwang AM) today completed the acquisition by CVC Capital Partners (CCP) for an approximate 68 per cent equity interest in the company.
The acquisition by CCP, a leading global private equity and investment advisory firm with approximately US$125 billion of assets under management (AUM), will provide Affin Hwang AM with a strong springboard in charting its next growth phase to enhance its wealth platform as well as spur digitalisation to enhance the client experience.
Affin Hwang AM managing director Datuk Teng Chee Wai said the transaction completion today marks an exciting new chapter for Affin Hwang AM and its valued clients.
"With fortified shareholder strength, the synergy from our partnership with CCP and our longstanding partner Nikko Asset Management will allow us to expand our capabilities and broaden our suite of offerings.
"This includes leveraging CCP's expertise in private markets and alternative asset classes to drive growth in our wealth management business as well as spearhead new digital solutions," he said in a statement.
Teng said that the company's core purpose and values remain true and steadfast with the same management team and key investment personnel that have built Affin Hwang AM over the last 20 years.
"We will continue to uphold and reinforce the trust given by our clients, which has allowed us to grow from strength to strength over the years.
"Our clients will continue to be at the forefront of our business as we build long-term sustainable wealth for generations to come," Teng said.
On 28 January 2022, Affin Bank Bhd (ABB) announced that funds advised by CCP have agreed to acquire approximately 68 per cent of the equity interest in Affin Hwang AM.
The Securities Commission Malaysia (SC) approved the acquisition on 1 July 2022. Accordingly, upon completing the acquisition on 29 July 2022, Affin Hwang AM ceased as a subsidiary of Affin Hwang Investment Bank Bhd.
The company will embark on a rebranding exercise which will rejuvenate its image after 20 years and reposition the company for its next growth phase.
The rebranding exercise is expected to complete by the fourth quarter (Q4) of 2022.