Amova Asset Management Expands Malaysia Footprint With AHAM Deal

Amova Asset Management Malaysia expansion is under way after the Japanese firm, formerly Nikko Asset Management, agreed to lift its stake in AHAM Asset Management Bhd to 97.7% from 20% by acquiring shares from CVC Capital Partners and other investors, subject to regulatory approvals.

AHAM Capital said assets under management at the group, including Islamic unit AIIMAN, exceeded RM100bn (USD22.7bn) as of Nov 30, placing it among Malaysia’s top three managers.

Amova, part of Sumitomo Mitsui Trust Group, said the transaction would give it control of a sizeable local franchise and broaden its offering across public, private and Shariah-compliant products.

AHAM said its management team would remain in place and operations continue as usual, reinforcing Amova Asset Management Malaysia strategy.