Malaysia’s Armed Forces Fund Board has bought a 7% stake in AHAM Asset Management from Japan’s Nikko Asset Management International Ltd for an undisclosed sum, marking the fund’s re-entry as a shareholder in the local asset manager.
The Malaysian firm, known as Affin Hwang Asset Management at the time the fund sold its entire 63% stake to US private equity firm CVC Capital last year, announced the acquisition in a filing to the local stock exchange on April 19.
The Armed Forces Fund Board, known by its Malay acronym LTAT, had sold the 63% stake for 1.54 billion ringgit (US$347 million) in January 2022 in a deal that also involved CVC Capital buying another 5.4% from senior management of the asset manager. CVC Capital now owns 68.4% of AHAM.
Meanwhile, AHAM says in the filing that Nikko Asset Management International has divested its remaining 20% in the Malaysian firm to Tokyo-based parent Nikko Asset Management Co Ltd.
AHAM Asset Management had 76 billion ringgit of assets under management as of end-March.