Amundi Malaysia, the Kuala Lumpur-based subsidiary of the European asset management heavyweight, acquired the fixed-income business of KAF Fund Management, also of Kuala Lumpur, the two companies announced Monday.
Financial details weren't disclosed.
Neither Pascal Blanque, Amundi's Paris-based deputy CEO, nor Thariq Ahmad, who was CEO of KAF Fund Management and now is senior adviser and head of fixed-income strategies with Amundi Malaysia, could be reached immediately for comment.
The acquisition of KAF Fund Management's US$1.2 billion in assets under management boosts Amundi Malaysia's AUM to more than US$4.3 billion, making it the biggest foreign-owned asset management firm in the country, according to a joint news release Monday.
The acquisition adds conventional fixed-income capabilities to an Amundi Malaysia product lineup that had focused on equities and Islamic bonds.
Roslina Abdul Rahman, managing director of Amundi Malaysia, will retain that role, according to the news release. She will report to Jenny Sofian, CEO of Amundi for Southeast Asia and Australia.