Singapore’s UOB Asset Management has reportedly drawn bids from foreign investors keen to buy into the 40-year-old investment firm, underscoring what appears to be a broader trend: the city state is growing in importance as a hub for global asset managers seeking exposure to Southeast Asia’s capital markets.
UOB Asset Management is the asset management arm of local lender UOB.
According to Bloomberg, Amundi Asset Management from France, US private equity firm KKR & Co Inc, and Seviora Holdings, an asset manager backed by Singapore state investment firm Temasek Holdings, have submitted non-binding offers to invest in the firm, citing people familiar with the matter.
The discussions are ongoing and no final decision has been made, the news agency reports on March 5.
Established in 1986, UOB Asset Management oversees about S$41 billion (US$32.07 billion) of assets. In addition to Singapore, it operates in four neighbouring Southeast Asian nations – Indonesia, Malaysia, Thailand and Vietnam.
“We do not comment on market rumours or speculation. UOB remains focused on delivering long-term value to shareholders and meeting the evolving needs of our customers,” a spokesperson for the bank says in an email to Asia Asset Management, when asked about the Bloomberg report.
The UOB Group’s retail income from wealth management last year was S$1.28 billion, less than 10% of the group’s S$13.81 billion total income in 2025.
Singapore’s draw
Asset managers tell Asia Asset Management there are several reasons why global investment firms want to set up shop in Singapore.
Priscilla Phoon, head of financial institutions for Asia ex-Japan at US asset manager Allspring Global Investments, points out that a local footprint provides foreign investment firms with on-the-ground investment and distribution capabilities.
Allspring opened an office in Singapore in 2022, which Phoon says gives the firm a “strong platform for expanding our wealth business, leveraging Singapore’s rapidly growing private wealth and family office ecosystem”.
“It also provides access to talent and partners essential for building differentiated investment solutions tailored to global investors,” she adds.
Singapore plays a central role in tapping into Southeast Asia’s fast-growing economies and capital markets, according to Ivy Ng, chief investment officer for Asia Pacific at DWS.
“Singapore stands out as a core market and regional anchor due to its strong institutional framework and market quality,” she says.
Opportunities in Southeast Asia
Southeast Asia offers a “compelling opportunity within emerging markets, combining long term structural growth drivers with attractive valuations”, according to Gary Tan, a portfolio manager at Allspring, pointing to favourable demographics, rising consumption trends and the emergence of new economic engines such as digital services and advanced manufacturing.
He notes that Southeast Asia represents less than 4% of the key emerging market equity benchmarks, a share that he considers low given the region’s population and its deepening integration into growing intra-Asia trade.
“Over time, Southeast Asia’s share within emerging markets is likely to expand. Political cycles can introduce short term volatility, but these periods often provide attractive entry points rather than lasting risks,” Tan says.
Ng says Southeast Asia offers a mix of income stability, credit quality and diversification for global fund managers.
The region also benefits from the so-called China‑plus‑one supply chain diversification as companies look to reduce dependence on China by also setting up manufacturing operations in another country.
“For investors seeking income, resilience, and diversification outside Greater China, Southeast Asia plays an increasingly important role in regional asset allocation,” Ng says.
