KUALA LUMPUR – Affin Hwang Asset Management Berhad (“Affin Hwang AM” or “the Company”) announced today the successful completion of its acquisition by CVC Capital Partners for an approximate 68% equity interest in the Company.
The acquisition by CVC Capital Partners which is a leading global private equity and investment advisory firm will provide Affin Hwang AM a strong springboard in charting its next growth phase to elevate its wealth platform as well as spur digitalisation to enhance client experience.
Dato’ Teng Chee Wai, Managing Director of Affin Hwang AM said, “The completion of the transaction today marks an exciting new chapter for Affin Hwang AM together with our valued clients. With a fortified shareholder strength, the synergy from our partnership with CVC as well as our longstanding partner Nikko Asset Management will allow us to expand our capabilities and broaden our suite of offerings. This include leveraging on CVC’s expertise in private markets and alternative asset classes to drive growth in our wealth management business as well as spearhead new digital solutions.”
“Together with the same management team and key investment personnel that have built this company over the last 20 years, our core purpose and values remain true and steadfast. We will continue to uphold and reinforce the trust given by our clients which has allowed us to grow from strength to strength over the years. Our clients will continue to be at the forefront of our business as we build long-term sustainable wealth for generations to come,” Dato’ Teng says.
Background of Acquisition
On 28 Jan 2022, Affin Bank (“ABB”) announced that funds advised by CVC Capital Partners, a leading global private equity and investment advisory firm with approximately US$125 billion of assets under management, has agreed to acquire approximately 68% of the equity interest in Affin Hwang AM (the “acquisition”).
The acquisition was approved by the Securities Commissions Malaysia (“SC) on 1 July 2022, and upon successful completion of the acquisition on the 29 July 2022, AHAM has now ceased to be a subsidiary of Affin Hwang IB.
The Company will embark on a rebranding exercise which would rejuvenate the company’s image after 20 years as well as reposition the company for its next growth phase. The rebranding exercise is expected to be fully completed by the 4Q’2022.
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