The merger poised to become Asia's largest regional asset manager.
Nikko Asset Management Group (Nikko AM) and DBS Bank Ltd (DBS) announced Friday the completion of the agreement to merge DBS Asset Management Ltd (DBSAM) and Nikko AM.
The transaction boosts Nikko AM’s assets under management by US$7.9 billion to over US$165 billion and establishes Nikko AM as the largest regional asset manager headquartered in Asia.
The agreement involves Nikko AM acquiring DBSAM for S$137 million (US$104 million).
DBS has in turn acquired a 7.25 per cent interest in the enlarged Nikko AM, forming a strategic alliance between the two companies.
Timothy McCarthy, chairman and chief executive officer of Nikko AM, welcomed DBS as the new strategic shareholder.
"We look forward to working with DBS to bring innovative Nikko AM investment products to their customers across the Asia-Pacific region," he said in announcing the new partnership here.
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