Singapore's UOB to sell asset management business to Allianz unit for $556m
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Singapore's United Overseas Bank (UOB) is selling its asset management business to a unit of Germany's Allianz for $555 million, as the lender focuses on wealth advice and distribution.The deal marks insurer Allianz's second Singapore-related acquisition annoSingapore's UOB to sell asset management business to Allianz unit for $556m
Singapore's United Overseas Bank (UOB) is selling its asset management business to a unit of Germany's Allianz for $555 million, as the lender focuses on wealth advice and distribution.The deal marks insurer Allianz's second Singapore-related acquisition announced in about two weeks, following its July 24 deal to buy HSBC's life and health insurance business in the city-state for $2.7 billion.Allianz Global Investors (AllianzGI), the asset management arm of Allianz, will buy all of UOB's shares in UOB Asset Management, which operates in Singapore, Brunei, Indonesia, Japan, Malaysia, Taiwan, Thailand and Vietnam, according to statements from the two companies on Wednesday.The deal includes excess cash held by UOB Asset Management and a 10-year distribution agreement, AllianzGI said.UOB Asset Management managed about $42 billion of client assets as of Dec 31, 2025, UOB said. The purchase will raise AllianzGI's assets managed for clients in Asia-Pacific to more than €170 billion (S$217.9 billion), it said. Read more














