Singapore’s UOB acquires 75% stake in Indonesia’s PG Asset Management

People sit outside a United Overseas Bank Ltd. (UOB) branch in Singapore, on Monday, Feb. 12, 2018. Photographer: Ore Huiying/Bloomberg

Singapore-based lender UOB, through its subsidiary UOB Asset Management (UOBAM), has acquired a 75 per cent stake in Indonesia’s PG Asset Management (PGAM) for S$2.25 million ($1.63 million), according to an official release.

UOBAM purchased the stake from local firm Multikem Suplindo.

Jakarta-based PG Asset Management holds an investment management license dated 27 December 2011 issued by Otoritas Jasa Keuangan (OJK), the financial services authority in Indonesia.

The company has a net asset value of approximately Rp 7.7 billion, as at 28 September 2018, with assets under management of approximately Rp 255.4 billion.

After completion of the acquisition, which awaits regulatory approvals from Indonesia and Singapore, PGAM will become a subsidiary of UOBAM.

The addition of PGAM, UOBAM said, would further strengthen the company’s Asian franchise and presence, and is in line with the UOB Group’s regionalisation plans.

UOB recently invested in Israel-based fintech startup Personetics to enhance its artificial intelligence-based solutions for customers across Southeast Asia using the latter’s cognitive analytic capabilities.

Earlier this month, it emerged that UOB had also made an unspecified investment into Southeast Asian ride-hailing giant Grab as part of a strategic financial services alliance.

Furthermore, UOB Alternative Investment Management (UOBAIM) is said to be weighing a Southeast Asia-focused fund-of-funds with a target corpus of $200-300 million, which will focus on areas such as technology, healthcare and consumer-related services.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.