, Malaysia

Maybank consolidating asset management firms

Maybank Asset Management is working closely with Maybank Kim Eng to support its growth plans.

Maybank is also consolidating all its asset management businesses under one roof, namely Maybank AM and Maybank Ventures in Malaysia, KE Capital Partners in Singapore, Kim Eng Asset Management in Thailand and ATR Kim Eng in the Philippines.

The consolidation would allow for greater focus while capitalising on economies of scale, achieving efficient collective work processes and enhancing Maybank's reach across the region, according to a statement by Maybank Asset Management.

Maybank Asset Management Sdn Bhd's CEO/managing director, Nor' Azamin Salleh, said that Maybank's asset management companies are expected to garner and manage assets amounting to RM37 billion by 2015.

The assets under management are also projected to grow by 50 percent annually in line with the company's goal to become a key player in the industry in Asia by 2017.

Azamin said that the Asian region was an obvious choice given the positive outlook on the sustainability and potential upside of its economy coupled with a foreseeable high demand for investment products.

"International asset managers are flocking to Asia where significant growth opportunities are present.

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