Japan’s Amova Asset Management plans to buy out shareholders of Malaysia’s AHAM Asset Management for as much as 90 billion yen (US$575 million).
Amova, wholly owned by Sumitomo Mitsui Trust Group (SuMiTG), currently owns 20% of AHAM, one of the top three asset managers in Malaysia with more than 100 billion ringgit ($24.66 billion) of assets under management as of end-November.
The Japanese asset manager has signed an agreement to acquire 77.7% from Luxembourg private equity firm CVC Capital and other AHAM shareholders, the Malaysian firm says in a statement on December 23.
A person familiar with the matter tells Asia Asset Management that negotiations are still ongoing to acquire the balance 2.3% from AHAM’s senior management.
CVC Capital holds a 68.15% stake in the Malaysian firm, Malaysia’s Armed Forces Fund Board, 7%, and AHAM’s senior management team, 4.85%.
Meanwhile, a slide presentation on SuMiTG’s website indicates that the acquisition is pending regulatory approval and is expected to be completed in the first half of 2026.
It shows that the Japanese company expects approximately 3 billion yen of profit contribution from AHAM in the fifth year of acquisition, and a return on capital of at least 10% in 2035 and beyond.
According to Stefanie Drews, president and chief executive officer of Amova, the acquisition of a “leading asset manager in a growth market is truly transformational and marks a pivotal milestone in Amova’s journey to connect Asia with global markets”.
“By integrating AHAM Capital’s local expertise and shariah investment capabilities with Amova AM’s global scale and innovation, we will deliver differentiated solutions for our clients and accelerate growth across public, private and Islamic investment segments. This strategic move underscores our ambition to lead in Asia while expanding our global reach,” she says in a statement on December 23.
The statement says AHAM will continue to operate as usual under the stewardship of its existing management and leadership team.
Amova managed $270 billion of assets as of end-September.
