UOB Expands in Indonesian Asset Management

UOB Asset Management entered a deal to acquire 75 percent of Indonesia-based PT PG Asset Management.

UOB said on Monday that its wholly owned subsidiary UOB Asset Management will acquire 75 percent of Indonesia-based PT PG Asset Management (PGAM), from PT Multikem Suplindo for S$2.25 million.

PGAM is an Indonesian asset management company which conducts conventional and structured fund management activity, including managing mutual funds, hedge funds, private equity and REITs, it said.

Regionalisation Plans

«The acquisition would further strengthen UOBAM’s Asian franchise and presence and is in line with the UOB Group’s regionalisation plans,», the bank added in a statement. The purchase price will be paid in cash on the deal’s completion from UOBAM’s internal resources.

The deal’s completion is conditional upon regulatory approvals in Indonesia and Singapore, the filing said. After its completion, PGAM will become a UOBAM subsidiary, it said.

Investment Programs and Discretionary Funds

UOBAM manages collective investment programs and discretionary funds in Singapore and had S$32.4 billion in clients’ assets as of 31 July, the filing said. It has a presence in Thailand, Brunei, Taiwan and Japan, and manages 56 unit trusts in Singapore, it said.

The other PGAM shareholder, Multikem Suplindo, is a wholly owned subsidiary of Celebes Capital, it said.