Hong-Kong headquartered Allianz Global Investors Asia Pacific Limited, together with PT Asuransi Allianz Life Indonesia, is set to acquire RHB Asset Management Indonesia (RHBAMI), per a statement.
Financial details of the transaction were not disclosed.
The development will pave the way for Allianz Global Investors, a wholly-owned subsidiary of Germany-based AllianzGI, to expand its presence in Asia.
Allianz Global Investors currently manages EUR 598 billion ($706 billion) in assets for individuals, families and institutions.
It will be acquiring the Indonesia-based asset manager from PT RHB Sekuritas Indonesia, which is part of RHB Banking Group, and another shareholder of RHBAMI.
RHBAMI offers asset management products and services such as mutual fund units in various asset classes catering for retail investors, high net worth individuals, and corporate and institutional investors, with over $480 million (as at 31 December 2020) in AUM.
“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,” said Desmond Ng, head of Asia Pacific at AllianzGI. “We look forward to bringing more value to the investors in Indonesia and Southeast Asia as a whole.”
Following the acquisition, AllianzGI plans to grow the firm’s footprint in Indonesia and Southeast Asia through RHBAMI’s on-the-ground team, while PT RHB Asset Management Indonesia will gain access to AllianzGI’s broad range of investment expertise and solutions.
The proposed transaction is expected to be completed in the fourth quarter of 2021, provided it gets an approval from the Indonesian Financial Services Authority (OJK).