Allianz Global Investors Asia Pacific Limited, a wholly owned subsidiary of AllianzGI, has agreed to acquire Indonesian asset manager RHBAMI from PT RHB Sekuritas Indonesia, which is part of RHB Banking Group, and another shareholder. The parties involved did not disclose the transaction price.

RHBAMI is an established asset management company in Indonesia with assets under management of over US$480 million as at December 31 2020. It offers asset management products and services such as mutual fund units in various asset classes catering for retail investors, high net worth individuals, and corporate and institutional investors.

Already well-established in Singapore, Hong Kong and Taiwan, AllianzGI says it aims to create an “on-the-ground, market-leading setup” in Indonesia through the proposed acquisition and expand its footprint in Southeast Asia. The firm also wants to build on the strong presence of its parent company, Allianz SE, which has a robust insurance business in Indonesia.

AllianzGI chief executive officer Tobias Pross says: “Asia is a growth market for AllianzGI. While we have a long history of success in the region, we continue to look for opportunities to further expand our presence and grow our client base. We see Southeast Asia as the next growth engine besides China; backed by the solid presence of Allianz SE in Indonesia, the proposed acquisition is a confident stride to accelerate our entry into this fast-growing market.”

Desmond Ng, head of Asia-Pacific at AllianzGI, adds: “Indonesia is the largest economy in Southeast Asia with a young population and rapid economic growth. We are ready to tap into this dynamic market for its long-term growth potential and to strengthen our franchise in Southeast Asia which has long been a strategic focus for AllianzGI. We look forward to bringing more value to the investors in Indonesia and Southeast Asia as a whole.”

The proposed acquisition is expected to be completed in the fourth quarter of this year, subject to various conditions, including approval by AllianzGI, RHBAMI and the Indonesian Financial Services Authority ( Otoritas Jasa Keuangan or OJK ).