THE acquisition of circa 68% equity interest in Affin Hwang Asset Management Bhd – Malaysia’s top three asset management firm by asset under management (AUM) – by global private equity and investment advisory firm CVC Capital Partners has been successfully completed.
The acquisition by CVC Capital Partners is poised to provide Affin Hwang AM, whose AUM stood at RM73.4 bil as of June 30 this year, a strong springboard in charting its next growth phase to elevate its wealth platform as well as spur digitalisation to enhance client experience.
Recall that Affin Bank had on Jan 28 announced that CVC Capital Partners, which boasts US$125 bil of AUM, has agreed to acquire circa 68% of the equity interest in Affin Hwang AM.
The acquisition was approved by the Securities Commissions Malaysia (SC) on July 1 and upon successful completion of the acquisition today (July 29), Affin Hwang AM has now ceased to be a subsidiary of Affin Hwang Investment Bank Bhd.
The company will embark on a rebranding exercise, which will rejuvenate its image after 20 years as well as re-position itself for its next growth phase. The re-branding exercise is expected to be fully completed by the 4Q 2022.
“The completion of the transaction today marks an exciting new chapter for Affin Hwang AM together with our valued clients,” commented Affin Hwang AM managing director Datuk Teng Chee Wai in a media statement.
“With a fortified shareholder strength, the synergy from our partnership with CVC as well as our longstanding partner Nikko Asset Management will allow us to expand our capabilities and broaden our suite of offerings.”
This includes leveraging CVC’s expertise in private markets and alternative asset classes to drive growth in Affin’s wealth management business as well as spearhead new digital solutions.
“Together with the same management team and key investment personnel that have built this company over the last 20 years, our core purpose and values remain true and steadfast,” assured Teng.
“We will continue to uphold and reinforce the trust given by our clients which has allowed us to grow from strength to strength over the years. Our clients will continue to be at the forefront of our business as we build long-term sustainable wealth for generations to come,” he concluded. – July 29, 2022
