World Finance Informs

The investment arm of German insurance giant Allianz – Allianz Global Investors – said it was in exclusive talks to buy UOB Asset Management for $467mn or an estimated $600mn. If it goes through, it would be among the biggest asset management takeovers South-east Asia would have seen recently. UOBAM, which happens to be a unit of United Overseas Bank from Singapore, has more than S$41 billion, or $33.6 billion, of assets under management. Notably, AllianzGI already manages $692 billion worldwide, and thus the step to buy UOB Asset Management for $467mn would give it a substantial foothold in a region that most of the Western...