Strategy & Practice Management

Maybank Asset Management completes acquisitions, names new CEO

Maybank Asset Management Berhad Group has completed the acquisitions of Amanah Mutual Berhad and Singapore Unit Trusts.

Maybank Asset Management Berhad Group (MAMG) has completed the acquisitions of Amanah Mutual Berhad and Singapore Unit Trusts, it said in a statement.

MAMG, a wholly-owned subsidiary of Maybank, said that the acquisitions of 100% equity interest in the two firms had received all the required regulatory approvals.

The deal entailed MAMG acquiring ownership of Amanah Mutual for RM16.12 million and Singapore Unit Trusts for RM34.88 million from Permodalan Nasional Berhad, which is also a shareholder of Maybank.

MAMG currently operates Maybank Asset Management Sdn Bhd and Maybank Islamic Asset Management Sdn Bhd in Malaysia; Maybank Asset Management Singapore in Singapore; and PT Maybank Asset Management in Indonesia. 

Coinciding with the acquisitions, MAMG also announced two senior management appointments effective April 25 this year.

Badrul Hisyam Abu Bakar, who was previously Chief Executive Officer of Maybank Asset Management Sdn Bhd (MAMSB), has been appointed Chief Executive Officer of MAMG to oversee the regional development of Maybank’s asset management business.

Badrul joined MAMSB in 2010 as Chief Investment Officer and later became the Regional Head of Investment in late 2011, before assuming the position of Chief Executive Officer in January 2014.

Ahmad Najib Nazlan will succeed Badrul as Chief Executive Officer of MAMSB. He was previously Chief Executive Officer of Maybank Islamic Asset Management Sdn Bhd. 

The acquisitions will increase the group’s AUM, which has more than doubled over the last four years from RM12.6 billion in December 2013 to RM31.3 billion in December 2017, the firm said.