Tokyo-based Amova Asset Management ( Amova AM, formerly known as Nikko Asset Management ) has agreed to acquire a controlling stake in AHAM Asset Management Berhad ( AHAM Capital ).

The share purchase agreement, which is subject to regulatory approvals and customary closing conditions, increases its ownership of the Malaysian asset management firm from 20% to 97.7%.

Amova AM, a subsidiary of Sumitomo Mitsui Trust Group, will invest up to 90 billion yen ( US$570 million ) in the transaction, which will also see the exit of private equity firm CVC Capital Partners from AHAM Capital. CVC previously held a 68.35% stake in the Malaysian firm.

Established in 2001, AHAM Capital, together with its wholly-owned Islamic fund management arm, AIIMAN Asset Management, has surpassed 100 billion ringgit ( US$24.6 billion ) in assets under management as of November 30 2025.

Serving a broad client base ranging from retail and mass affluent investors to corporates, government-linked companies, and institutional clients, AHAM Capital is now among the top three asset managers in Malaysia.

AHAM Capital will continue to operate under its existing management and leadership team.

Stefanie Drews, president and chief executive officer of Amova AM, comments: “This acquisition of a leading asset manager in a growth market is truly transformational and marks a pivotal milestone in Amova AM’s journey to connect Asia with global markets. We are proud that this follows so soon after our global rebrand earlier this year.

“By integrating AHAM Capital’s local expertise and Shariah investment capabilities with Amova AM’s global scale and innovation, we will deliver differentiated solutions for our clients and accelerate growth across public, private, and Islamic investment segments. This strategic move underscores our ambition to lead in Asia while expanding our global reach.”

Dato’ Teng Chee Wai, managing director of AHAM Capital, adds: “Amova AM has been a longstanding and trusted partner since 2011. We remain committed to ensuring this integration delivers meaningful benefits through strengthened capabilities, innovative offerings, and access to a wider regional network. Under the continued stewardship of our management team, we remain focused on continuity and delivering long-term value for our clients and partners who place their trust in us.”

The former Nikko Asset Management rebranded into Amova AM on September 1 2025, to reflect its global growth strategy and progressive investment solutions.