(June 5): 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 finalised on a transaction that could be valued at up to S$600 million (US$467 million or RM1.89 billion), 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 Ltd\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 (US$697 billion or RM2.8 trillion) 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.<\/p>\n
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