SINGAPORE \u2013 Amundi, KKR and Temasek\u2019s Seviora unit are bidding for UOB\u2019s asset management arm, according to people familiar with the matter.<\/p>\n
The three have submitted non-binding offers to invest in UOB Asset Management, the people said, asking not to be identified because the information is private.<\/p>\n
A key aspect of the negotiations is how much of its distribution network in South-east Asia UOB is willing to include, two of the people said.<\/p>\n
Talks are ongoing and no final decisions have been made, the people added, noting that a transaction might not materialise, while other parties could also make a bid.<\/p>\n
A spokesperson for UOB said the bank does not comment on market rumours or speculation. UOB is focused on delivering long-term value to shareholders and meeting the evolving needs of customers, the spokesperson added.<\/p>\n
Amundi, Seviora, Temasek and KKR declined to comment.<\/p>\n
UOB has been exploring options for its asset management arm, including a possible sale, as the Singapore lender seeks to streamline its portfolio, people familiar with the matter said in December.<\/p>\n
A transaction may value UOB\u2019s asset management business at several hundred million dollars, some of the people have said.<\/p>\n
Established in 1986, the wholly owned UOB subsidiary had about $41 billion of assets under management as at the end of November. In addition to Singapore, the asset manager has a presence in Brunei, Indonesia, Japan, Malaysia, Taiwan, Thailand and Vietnam. BLOOMBERG<\/p>\n","protected":false},"excerpt":{"rendered":"SINGAPORE \u2013 Amundi, KKR and Temasek\u2019s Seviora unit are bidding for UOB\u2019s asset management arm, according to people…\n","protected":false},"author":2,"featured_media":510122,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,147,530],"class_list":["post-510121","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/510121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=510121"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/510121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/510122"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=510121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=510121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=510121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}