German insurer Allianz has agreed to buy the asset management business of Singapore’s United Overseas Bank (UOB) for S$555m (€374.98m).
The acquisition, to be carried out through its asset management arm Allianz Global Investors (AGI), will see the company take over UOB Asset Management (UOBAM), excluding one-off transaction costs.
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UOBAM has been part of the UOB Group for 40 years and reported assets under management of approximately S$42bn as of 31 December 2025.
AGI CEO Tobias Pross said: “UOBAM is one of South East Asia’s leading asset managers, with very well-regarded investment capabilities and a strong distribution network.
“Adding their complementary South East Asian investment expertise to our global platform will boost our combined offering and significantly accelerate our growth in this dynamic region.”
According to the unaudited pro forma consolidated balance sheet of UOBAM and its subsidiaries for that date, the net asset value tied to the stake being acquired came to S$223m.
The acquisition takes in UOBAM’s business across eight markets in Asia: Brunei, Indonesia, Japan, Malaysia, Singapore, Taiwan, Thailand and Vietnam.
Following the completion of the deal, AGI’s Asia-Pacific client assets under management will exceed €170bn.
The transaction gives AGI a licensed operational footing in Thailand, Malaysia and Vietnam, while adding scale to its current presence in Singapore, Taiwan and Indonesia.
Together, the businesses will provide regional and single-country equity strategies alongside Sharia-compliant products and other investment offerings.
The two companies have also agreed to form a long-term strategic distribution partnership.
Under this arrangement, UOB and AGI will collaborate to expand the investment and wealth products available to UOB’s regional customer base, which numbers more than eight million.
This builds on UOB’s existing open-architecture strategy for wealth distribution.
Approximately 500 UOBAM staff across the region will move over to AGI, which has committed to keeping them employed.
Completion of the deal is pending regulatory clearance in each relevant market and is anticipated in 2027.
UOB deputy chairman and CEO Wee Ee Cheong added: “By combining UOB’s advisory expertise and customer relationships with AGI’s investment capabilities, we are well positioned to meet our customers’ evolving needs and support their long-term wealth goals.”
The announcement is Allianz’s second recent Singapore-related acquisition following its 24 July agreement to buy HSBC’s life and health insurance business in the city-state for S$2.7bn.
