Germany’s Allianz Global Investors is in “exclusive talks” to acquire Singapore’s UOB Asset Management from United Overseas Bank Ltd. (UOB), the parent company, according to Bloomberg, citing people familiar with the matter.
AllianzGI has outbid rivals for a deal that could be worth up to S$600 million (US$467 million), the news agency reported on June 6. It says talks are still ongoing and no final decisions have been made about the 40-year-old Singapore asset management firm.
Spokespersons for AllianzGI did not immediately respond to questions from Asia Asset Management.
A spokesperson for UOB tells AAM that the bank does not comment on market rumours or speculation and that it “remains focused on delivering long-term value to shareholders and meeting the evolving needs of our customers”, reiterating remarks made in response to another Bloomberg report three months ago.
Th news agency had reported on March 5 that France’s Amundi Asset Management, US private equity firm KKR & Co Inc, and Seviora Holdings, an asset manager backed by Singapore state investment firm Temasek Holdings, had submitted non-binding offers to invest in UOB Asset Management.
Established in 1986, the asset management firm oversees about S$41 billion of assets. In addition to Singapore, it operates in four neighbouring Southeast Asian nations – Indonesia, Malaysia, Thailand and Vietnam.
Last year, the UOB Group reported S$1.28 billion of retail income from wealth management, less than 10% of its S$13.81 billion total income.
AllianzGI had $697 billion of assets under management as of end-March 2026.
