Nikko Asset Management Group has completed its acquisition of DBS Asset Management from DBS Bank. The transaction boosts Nikko AM’s assets under management by $7.9 billion to over $165 billion, the company said in a release today.
DBS has in turn acquired a 7.25% interest of the enlarged Nikko AM. As part of the alliance, DBS and Nikko AM have entered into a non-exclusive distribution agreement through which Nikko AM’s investment products can be distributed through DBS’ network of core markets.
Employees of Nikko AM’s subsidiary in Singapore will transfer to DBSAM within the next few weeks. DBSAM will be renamed as “Nikko Asset Management Asia Limited” on or around October 17, and will provide broad investment management expertise across Asian Equities and Asian Fixed Income.
