The big Asian-based asset management company Nikko Asset Management (Nikko AM) has completed its acquisition of DBS Asset Management (DBS AM) from DBS Bank.
The addition of DBS AM's $7.9 billion in assets under management (AUM) brings the Tokyo-based firm's total AUM to $165 billion.
DBS Bank has formed a partnership with Nikko AM, taking a 7.25 per cent stake in the company. Under the agreement between the two companies, DBS Bank will distribute Nikko AM's investment products throughout the region.
DBS AM will absorb the current employees of Nikko AM Singapore, and will subsequently be renamed Nikko Asset Management Asia Limited on or around 17 October.
Nikko AM chief executive Timothy McCarthy said the acquisition of DBS AM would see Nikko AM become a "truly local Singaporean company".
"Singapore will become the new centre of excellence for Nikko AM in Southeast Asia, with larger teams of fund managers, operations and sales and marketing professionals providing the ideal foundation to grow Nikko AM's business across the region," McCarthy said.
The partnership with DBS Bank has also seen Nikko AM take a 30 per cent stake in the Malaysian-based Hwang-DBS Investment Management Berhad; a 51 per cent stake in Asian Islamic Investment Management Sdn Bhd; and a 100 per cent stake in DBSAM's Hong Kong subsidiary.
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