Amova Asset Management Completes Acquisition of Malaysia’s AHAM Capital to Drive Regional Growth

Tokyo-headquartered Amova Asset Management (formerly known as Nikko Asset Management) has officially completed its acquisition of an additional 77.675% equity interest in Malaysia’s AHAM Asset Management Berhad (AHAM Capital).

The transaction increases Amova AM’s total ownership stake from 20% to 97.675%, successfully converting AHAM Capital into a consolidated subsidiary. The equity was purchased from private equity firm CVC Capital Partners (68.35%), Lembaga Tabung Angkatan Tentera (7%), and AHAM Capital's key management personnel (2.325%). Amova AM has indicated plans to acquire the remaining 2.325% management stake in due course.

The deal follows an initial agreement announced on December 23, 2025, and has received regulatory clearance from both the Securities Commission Malaysia and the Financial Services Agency of Japan.

Strategic Outlook and Market Impact

The acquisition leverages a 15-year partnership between the two entities and serves as a core pillar of Amova AM’s broader Asian expansion strategy. Moving forward, the firms will deploy a co-branding strategy within the Malaysian market.

• Scale & Administration: As of March 31, 2026, AHAM Capital ranks among Malaysia's top two asset managers, overseeing approximately RM103.4 billion in assets under administration. Amova AM brings a global scale to the table, managing USD 271.5 billion in consolidated assets under management and sub-advisory as of the same date.
• Shariah & Digital Capabilities: Through the transaction, Amova AM gains full integration of AHAM Capital's wholly-owned Shariah investment arm, AIIMAN Asset Management, positioned to target long-term growth in the Islamic finance sector. The acquisition also includes AHAM Capital's strategic stake in the digital wealth platform Versa Asia.
• Leadership and Continuity: AHAM Capital will maintain its existing management under the stewardship of Managing Director Dato' Teng Chee Wai. According to Stefanie Drews, President and CEO of Amova AM, the consolidation is designed to enhance regional service offerings across Southeast Asia while expanding the group's global product distribution.

Amova Doubles Down on Southeast Asia with 100% Takeover of Malaysian Heavyweight AHAM

Amova Asset Management has announced a definitive agreement to acquire the remaining equity interest in AHAM Asset Management, moving to take full control of one of Malaysia’s leading fund management houses. In a strategic push to solidify its footprint in Southeast Asia, the Japan-headquartered firm will increase its

Japan FinTech ObserverNorbert Gehrke