Japan’s Amova to acquire AHAM Asset Management

The Tokyo-based fund manager has inked a deal to raise its stake in AHAM Asset Management Bhd from 20% to nearly 98%.

The proposed buyout of AHAM Asset Management Bhd by Amova Asset Management marks a rise in mergers and acquisitions involving Malaysian fund management firms.

PETALING JAYA:

 Tokyo-based Amova Asset Management Co Ltd is seeking to acquire a controlling stake in AHAM Asset Management Bhd, one of Malaysia’s largest fund management companies.

The Japanese fund manager, which currently holds a 20% stake, has inked a conditional share purchase agreement to raise its interest in AHAM to 97.7%.

The acquisition will involve the purchase of shares from Starlight Asset Sdn Bhd, the Armed Forces Fund Board (LTAT) and Starlight Management Company (Jersey) Ltd.

Previous news reports noted the company’s biggest shareholder is private-equity firm CVC Capital Partners with a stake of around 70% via Starlight Asset while LTAT holds 7%.

The fund manager’s senior management including founder and managing director Teng Chee Wai hold the remaining stake via Starlight Management Co (Jersey).

The proposed acquisition is subject to regulatory approvals and customary closing conditions, AHAM said in a statement today.

The purchase price was not disclosed but a report in The Edge, quoting a source, said the transaction values the asset manager at about RM3 billion.

For context, such a valuation would be significantly higher than when the shares were last transacted in 2022.

In July that year, CVC bought Affin Bank Bhd’s 63% stake in AHAM, which was then known as Affin Hwang Asset Management Bhd, for RM1.42 billion. It also acquired another 5.35% stake from its key management including Teng for RM120 million.

The 2022 deal valued AHAM at RM2.25 billion, which translated into a price-to-assets under management (AUM) of 3.08. At the time, Affin Hwang Asset Management’s AUM was about RM81 billion.

AHAM said the company will continue to operate as usual, under the continued stewardship of its existing management and leadership team.

“Clients can expect seamless continuity, alongside enhanced access to innovative solutions and broader regional connectivity through Amova AM, one of Asia’s largest asset management firms,” it added.

Established in 2001, AHAM together with its wholly owned Islamic fund management arm, AIIMAN Asset Management Sdn Bhd, had AUM of over RM100 billion as at Nov 30, 2025.

The company also has stakes in private equity firm Bintang Capital Partners Bhd and AccelVantage Academy Sdn Bhd, a training and support centre for financial entrepreneurs.

The proposed acquisition by Amova (formerly known as Nikko Asset Management Co Ltd) marks a rise in mergers and acquisitions involving Malaysian asset management companies.

Interestingly, Affin Bank is making a comeback to the fund management business after disposing of Affin Hwang Asset Management.

Last month, the bank announced it was acquiring boutique fund management company Pheim Asset Management Sdn Bhd for RM50 million cash, in a bid to become a universal bank.

A relatively small firm with AUM of RM876 million, Pheim Asset Management was founded by veteran award-winning fund manager Tan Chong Koay.

The acquisition, subject to approval by Bank Negara Malaysia and the Securities Commission, is expected to be completed by the first quarter of 2026. - FMT