Allianz Global Investors Asia Pacific, a wholly owned subsidiary of AllianzGI, is to buy RHBAMI, an Indonesia-based asset manager, from PT RHB Sekuritas Indonesia which is part of RHB Banking Group, and the other shareholder of RHBAMI.
The Germany-headquartered AllianzGI said in a statement yesterday (26 July) that RHBAMI was an established asset management company in Indonesia with AUM of over $480m as at 31 December 2020.
Its products and services include as mutual fund units in various asset classes catering for retail investors, high net worth individuals, and corporate and institutional investors.
We see Southeast Asia as the next growth engine besides China."
With what it described as "strong success in Asian markets including Singapore, Hong Kong and Taiwan", AllianzGI said it aimed to "create an on-the-ground, market-leading setup in Indonesia through the proposed acquisition to grow the firm's footprint in Southeast Asia".
Tobias Pross, chief executive at AllianzGI, said: "Asia is a growth market for AllianzGI. While we have a long history of success in the region, we continue to look for opportunities to further expand our presence and grow our client base. We see Southeast Asia as the next growth engine besides China; backed by the solid presence of Allianz SE in Indonesia, the proposed acquisition is a confident stride to accelerate our entry into this fast-growing market."
Desmond Ng, head of Asia Pacific at AllianzGI, said: "Indonesia is the largest economy in Southeast Asia with a young population and rapid economic growth. We are ready to tap into this dynamic market for its long-term growth potential and to strengthen our franchise in Southeast Asia which has long been a strategic focus for AllianzGI. We look forward to bringing more value to the investors in Indonesia and Southeast Asia as a whole."
The deal is completed in 4Q 2021 subject to all the relevant approvals.