UOB to sell asset management arm to AllianzGI for S$555 million
UOB is selling its asset management division to Allianz Global Investors for S$555 million. The bank intends to shift its strategy toward an open-architecture wealth management model.
Why it matters
This divestment signals a significant strategic pivot for the Singaporean lender as it seeks to improve its competitive standing in the wealth management sector.
The sale, which includes excess cash, is expected to generate a pre-tax gain of about S$330 million for the bank
[SINGAPORE] UOB is exiting the fund manufacturing business, selling its asset management arm to Allianz Global Investors (AllianzGI) for S$555 million as it moves towards an open-architecture wealth model focused on advisory and product distribution.
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