Allianz Global Investors has entered exclusive negotiations to acquire the asset management business of Singapore’s United Overseas Bank (UOB), reported Bloomberg.
The insurer-owned fund manager has moved ahead of competing bidders and is now seen as the leading contender for UOB Asset Management, the people said
Terms are being worked through on a deal that may value the business at as much as S$600m ($467m). The discussions are still under way and there is no certainty that an agreement will be reached, the people said. An AllianzGI spokesperson declined to comment.
In a statement to Private Banker International, UOB said it remains focused on delivering long-term value for shareholders and meeting the customer needs but did not comment further. In December, UOB had been reviewing options for the unit, including a potential disposal, as part of efforts to simplify its portfolio. Other parties that submitted bids for the business included Amundi, KKR & Co. and Seviora, the asset management company backed by Temasek Holdings Pte.