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 stake in AHAM from the current 20% to up to 100%, buying out majority shareholder CVC Capital Partners and other equity holders. The deal will convert AHAM into a consolidated subsidiary of Amova, subject to regulatory approvals in both Malaysia and Japan.
A Strategic foothold in Southeast Asia
The acquisition represents a significant milestone for Amova following its corporate rebranding from Nikko Asset Management in September 2025. By fully integrating AHAM, Amova aims to capture the high-growth potential of the ASEAN region and significantly bolster its capabilities in Shariah-compliant investing.
AHAM is a dominant player in the Malaysian market, ranking among the country's top three asset managers. As of November 30, 2025, the firm managed assets exceeding 100 billion Malaysian Ringgit (approximately JPY 3.77 trillion), having doubled its assets under management (AUM) over the past decade.
Beyond traditional asset management, the deal grants Amova access to AHAM’s specialized subsidiaries, including AIIMAN Asset Management (Islamic investment), Bintang Capital Partners (private equity), and a minority stake in the fast-growing fintech firm Versa Asia.
Deepening a Long-standing Partnership
Amova’s relationship with the Malaysian firm dates back to 2011, established during its acquisition of DBS Asset Management. According to Amova, this move is the natural evolution of a 14-year partnership that has seen AHAM grow from a startup phase to a market leader.
"This acquisition of a major asset management company in a growth market is truly transformative and marks an important milestone for Amova Asset Management as we connect Asia with global markets," said Stefanie Drews, Representative Director and CEO of Amova. "By integrating AHAM’s local expertise and Shariah-compliant investment capabilities, we will provide unparalleled investment solutions to our clients."
Dato' Teng Chee Wai, Managing Director of AHAM, echoed the sentiment, emphasizing continuity in stewardship. "Amova Asset Management has been a trusted partner since 2011. With this acquisition, we are confident that we can deliver significant benefits to our clients through enhanced investment capabilities, innovative services, and access to a broader regional network."
Market Impact
The transaction is expected to generate synergies by combining Amova’s global scale—boasting approximately JPY 39.9 trillion in AUM—with AHAM’s agile, entrepreneurial local presence. The integration will focus on expanding product offerings in private assets and B2C channels, while leveraging a diverse talent pool to bridge Asian and global markets.
Amova Asset Management is a part of the Sumitomo Mitsui Trust Group.
Norbert Gehrke
