SINGAPORE: Singapore’s United Overseas Bank (UOB) is selling its asset management business to a unit of Germany’s Allianz for S$555mil (US$434mil), as the lender focuses on wealth advice and distribution.
The deal marks insurer Allianz’s second Singapore-related acquisition announced in about two weeks, following its July 24 deal to buy HSBC’s life and health insurance business in the city-state for S$2.7bil.
Allianz Global Investors (AllianzGI), the asset management arm of Allianz, will buy all of UOB’s shares in UOB Asset Manage-ment, which operates in Singapore, Brunei, Indonesia, Japan, Malaysia, Taiwan, Thailand and Vietnam, according to statements from the two companies yesterday.
The deal includes excess cash held by UOB Asset Management and a 10-year distribution agreement, AllianzGI said.
UOB Asset Management managed about S$42bil of client assets as of Dec 31, 2025, UOB said.
The purchase will raise AllianzGI’s assets managed for clients in Asia-Pacific to more than 170bil (US$196bil), it said.
The sale is part of UOB’s plan to strengthen its wealth management business.
It will allow UOB to keep advising customers and selling investment products without owning the fund manager, the bank said. — Reuters
