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The proposed buyout of AHAM Asset Management Bhd by Amova Asset Management marks a rise in mergers and acquisitions involving Malaysian fund management firms.
\nPETALING JAYA: Tokyo-based Amova Asset Management Co Ltd is seeking to acquire a controlling stake in AHAM Asset Management Bhd, one of Malaysia\u2019s largest fund management companies.<\/p>\n
The Japanese fund manager, which currently holds a 20% stake, has inked a conditional share purchase agreement to raise its interest in AHAM to 97.7%.<\/p>\n
The acquisition will involve the purchase of shares from Starlight Asset Sdn Bhd, the Armed Forces Fund Board (LTAT) and Starlight Management Company (Jersey) Ltd.<\/p>\n
Previous news reports noted the company\u2019s biggest shareholder is private-equity firm CVC Capital Partners with a stake of around 70% via Starlight Asset while LTAT holds 7%.<\/p>\n
The fund manager\u2019s senior management including founder and managing director Teng Chee Wai hold the remaining stake via Starlight Management Co (Jersey).<\/p>\n
The proposed acquisition is subject to regulatory approvals and customary closing conditions, AHAM said in a statement today.<\/p>\n
The purchase price was not disclosed but a report in The Edge, quoting a source, said the transaction values the asset manager at about RM3 billion.<\/p>\n
For context, such a valuation would be significantly higher than when the shares were last transacted in 2022.<\/p>\n
In July that year, CVC bought Affin Bank Bhd\u2019s 63% stake in AHAM, which was then known as Affin Hwang Asset Management Bhd, for RM1.42 billion. It also acquired another 5.35% stake from its key management including Teng for RM120 million.<\/p>\n
The 2022 deal valued AHAM at RM2.25 billion, which translated into a price-to-assets under management (AUM) of 3.08. At the time, Affin Hwang Asset Management\u2019s AUM was about RM81 billion.<\/p>\n
AHAM said the company will continue to operate as usual, under the continued stewardship of its existing management and leadership team.<\/p>\n
\u201cClients can expect seamless continuity, alongside enhanced access to innovative solutions and broader regional connectivity through Amova AM, one of Asia\u2019s largest asset management firms,\u201d it added.<\/p>\n
Established in 2001, AHAM together with its wholly owned Islamic fund management arm, AIIMAN Asset Management Sdn Bhd, had AUM of over RM100 billion as at Nov 30, 2025.<\/p>\n
The company also has stakes in private equity firm Bintang Capital Partners Bhd and AccelVantage Academy Sdn Bhd, a training and support centre for financial entrepreneurs.<\/p>\n
The proposed acquisition by Amova (formerly known as Nikko Asset Management Co Ltd) marks a rise in mergers and acquisitions involving Malaysian asset management companies.<\/p>\n
Interestingly, Affin Bank is making a comeback to the fund management business after disposing of Affin Hwang Asset Management.<\/p>\n
Last month, the bank announced it was acquiring boutique fund management company Pheim Asset Management Sdn Bhd for RM50 million cash, in a bid to become a universal bank.<\/p>\n
A relatively small firm with AUM of RM876 million, Pheim Asset Management was founded by veteran award-winning fund manager Tan Chong Koay.<\/p>\n
The acquisition, subject to approval by Bank Negara Malaysia and the Securities Commission, is expected to be completed by the first quarter of 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"The proposed buyout of AHAM Asset Management Bhd by Amova Asset Management marks a rise in mergers and…\n","protected":false},"author":2,"featured_media":201541,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[123648,123649,123650,138,123651,246,98641,111,139,69,244,245,123652,123653],"class_list":{"0":"post-201540","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-aham-asset-management-bhd","9":"tag-amova-asset-management-co-ltd","10":"tag-armed-forces-fund-board-ltat","11":"tag-business","12":"tag-cvc-capital-partners","13":"tag-finance","14":"tag-fmtbiz-corporate","15":"tag-new-zealand","16":"tag-newzealand","17":"tag-nz","18":"tag-personal-finance","19":"tag-personalfinance","20":"tag-starlight-management-company-jersey-ltd","21":"tag-teng-chee-wai"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/201540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=201540"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/201540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/201541"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=201540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=201540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=201540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}