UOB Asset Management Ltd., a Singapore-based money manager with S$33.6 billion ($24.9 billion) in assets under management, said Wednesday it acquired a 75% stake in Jakarta-based PT PG Asset Management.
In line with UOBAM's initial sales and purchase agreement announcement in November, the Singaporean firm paid S$2.3 million for its stake in PGAM, which had assets under management of 255.4 billion Indonesian rupiah ($18 million) at the time.
Financial-services firm PT Multikem Suplindo, a wholly owned subsidiary of venture capital firm Celebes Capital, will continue to hold the remaining 25% stake in PT PG Asset Management, a UOB spokeswoman confirmed.
UOBAM's new footprint in Southeast Asia's largest market expands the Singaporean manager's reach in the region, with operations now in Brunei, Indonesia, Malaysia, Singapore and Thailand, together with mainland China, Japan and Taiwan.
The UOB spokeswoman said roughly half of the firm's AUM of S$33.6 billion is Singapore-based, with the other half overseen by its regional network.