UPDATE: Nikko inks DBS Asset Management acquisition
Nikko Asset Management will acquire DBS’s funds JVs in Malaysia and win strategic distribution via DBS Bank.
In a deal tipped by AsianInvestor, Nikko Asset Management has agreed to acquire DBS Asset Management. DBS will acquire a 7.25% stake in Nikko AM in return, in an all-share agreement.
Nikko AM is privately held but intends to list in Japan sometime in 2011, with Sumitomo Trust & Banking mandated as the underwriter.
The deal delivers DBS Asset Management, as well as its 30% stake in HwangDBS Investment Management in Malaysia; a 51% stake in Asian Islamic Investment Management, also …
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