RHB Asset Management to expand overseas ops

  • Banking
  • Tuesday, 17 Dec 2013

KUALA LUMPUR: RHB Asset Management Sdn Bhd, a unit of RHB Investment Bank Bhd (RHBIB) intends to grow its overseas revenue contribution by almost five fold to 40% in 2020 from 9% presently, targeting mainly the Asean and Greater China region.

Its managing director and regional head of group asset management Eliza Ong said this would be fulfilled through a “three-pronged strategy” - organic growth, strategic partnership tie-ups and further acquisitions.

“We have looked at possible targets in Indonesia, Hong Kong as well as Taiwan and Greater China,” Ong told a press conference yesterday.

RHBIB managing director Mike Chan said the firm was discussing with a few parties but said there was no particular investment now. In line with this growth in revenue, RHB Asset Management also wants to grow its assets under management size to RM100bil by 2018 from RM40.1bil at present.

Meanwhile on another matter, RHB contends that non-bank backed investment banks in Malaysia are likely to be consolidate further given thinning margins and commissions.

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