Allianz Global Investors is in exclusive talks to buy the asset management division of Singapore\u2019s United Overseas Bank Ltd., according to people familiar with the matter.<\/p>\n
AllianzGI outbid rivals to emerge as the likeliest buyer of UOB Asset Management Ltd., and the details are being finalized on a transaction that could be valued at up to S$600 million ($467 million), the people said, asking not to be identified because the discussions are private.<\/p>\n
Talks are ongoing and no final decisions have been made, the people said.<\/p>\n
A representative for AllianzGI declined to comment. UOB said it is focused on delivering long-term value for shareholders and meeting the customer needs, but declined to comment further.<\/p>\n
UOB has been exploring options for its asset management arm, including a possible sale, to streamline its portfolio, people familiar with the matter said in December. Amundi SA, KKR & Co. and Temasek Holdings Pte\u2019s Seviora were also among bidders for the unit. A key point was how much of UOB\u2019s distribution network in Southeast Asia would be included, the people have said.<\/p>\n
Established in 1986, the wholly owned UOB subsidiary has more than S$41 billion of assets under management. In addition to Singapore, it has offices in Brunei, Indonesia, Japan, Malaysia, Thailand and Vietnam.<\/p>\n
AllianzGI had almost \u20ac600 billion ($697 billion) in assets under management as of the end of March. That included equity, fixed income, private market and multi-asset strategies. The company is owned by German insurer Allianz SE, which also owns bond manager Pacific Investment Management Co. –\u00a0Bloomberg<\/p>\n","protected":false},"excerpt":{"rendered":"Allianz Global Investors is in exclusive talks to buy the asset management division of Singapore\u2019s United Overseas Bank…\n","protected":false},"author":2,"featured_media":716281,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[101516,168026,347556,111001,64,63,99,79224,347557,186,347559,184,185,347558,283,216875,347555],"class_list":["post-716280","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-allianz-global-investors","tag-amundi-sa","tag-asset-management-division","tag-assets-under-management","tag-au","tag-australia","tag-business","tag-corporate-news","tag-exclusive-talks","tag-finance","tag-kkr-co","tag-personal-finance","tag-personalfinance","tag-s600-million","tag-southeast-asia","tag-temasek-holdings","tag-united-overseas-bank"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/716280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=716280"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/716280\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/716281"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=716280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=716280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=716280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}