The firm has signed an agreement to acquire an Indonesia-based asset manager, where it aims to create an on-the-ground, market-leading setup to grow its footprint.
Allianz Global Investors (Allianz GI) has announced plans to acquire Indonesia’s RHB Asset Management from shareholders RHB Banking Group and RHB Sekuritas Indonesia, according to a statement on Monday.
RHBAM had $480 million in assets under management, as of 31 December 2020. With the deal, it will gain access to AllianzGI’s investment expertise and solutions, allowing it to being in new perspectives to the Indonesia asset management market, the statement said.
The transaction is expected to be completed in 4Q 2021 and is subject to various conditions precedent, including the approval by the Indonesian Financial Services Authority.
Allianz GI said that strengthening its franchise in Southeast Asia has long been a focus for the firm.
We see Southeast Asia as the next growth engine besides China; backed by the solid presence of Allianz SE in Indonesia, the proposed acquisition is a confident stride to accelerate our entry into this fast-growing market, Tobias Pross, AllianzGI chief executive officer, said in the statement.
The firm employs 690 investment professionals in 23 offices worldwide and manages €598 billion in assets for individuals, families and institutions, as of 31 March 2021.