Nikko Asset Management acquires DBS unit, building further on Asian expansion strategy
Nikko Asset Management (Nikko AM) has bought DBS Asset Management (DBSAM) — taking the next step in its strategy to expand in Asia Pacific, only three weeks after the Tokyo-based company acquired Australia’s Tyndall Investments from Suncorp Group.
Nikko AM paid S$137m ($104m) for DBSAM. In return, DBSAM will hold a minority 7.25% stake in Nikko AM and be represented on the board in Tokyo and Singapore.
"The move is aligned with our overall group strategy, which aims to strengthen asset management operations in Asia," said
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