KUALA LUMPUR (May 18): Maybank Asset Management Group Berhad (MAMG), a wholly-owned subsidiary of Malayan Banking Berhad (Maybank), has acquired 100% equity interest in Amanah Mutual Berhad (AMB) and Singapore Unit Trusts Limited (SUTL) for a total of RM51 million.

In a statement today, MAMG said the deal entailed MAMG acquiring ownership of AMB for RM16.12 million and SUTL for RM34.88 million from Permodalan Nasional Berhad (PNB), which is also a shareholder of Maybank. 

“The acquisitions of AMB and SUTL will increase the company’s Assets under Management (AUM), which has more than doubled over the last four years from RM12.6 billion in December 2013 to RM31.3 billion in December 2017,” MAMG said.

This opens the door for MAMG to build more intelligent portfolios that connect investors with opportunities across a myriad of strategies and asset classes; ultimately serving to maximise its investors’ wealth journeys in a sustainable manner. 

Meanwhile, MAMG also announced the appointment of Badrul Hisyam Abu Bakar as chief executive officer of MAMG to oversee the regional development of Maybank’s asset management business.

Badrul joined MAMSB in 2010 as chief investment officer and later became the regional head of investment in late 2011, before assuming the position of chief executive officer in January 2014. 

Commenting on Badrul’s appointment, Datuk Muzaffar Hisham, Maybank’s Group CEO,Global Banking, said he was pleased to have Badrul expand his leadership role during this exciting new phase of growth.

“This move is a logical next step for him, as he has played a vital role in the success of our Malaysian operations and we are confident that he will lend the same leadership capabilities to MAMG in strengthening our foothold in the ASEAN region,” he added.

Ahmad Najib Nazlan will succeed Badrul as chief executive officer of MAMSB. 

“With the new leadership team heading our MAMG operations, we have the proven expertise to meet our clients’ investment needs and to attract more investors in the institutional and retail spaces,”  Muzaffar added. 

Badrul concluded by saying he is honoured to be helming Maybank’s asset management business during this pivotal phase.