Sumitomo Mitsui Trust Group agreed to acquire full ownership of AHAM Asset Management Berhad, one of Malaysia’s largest fund managers, for up to ¥90 billion ($577 million) through its asset management unit Amova.
The Japanese financial group will raise its stake from 20% to as much as 100% by purchasing shares held by CVC Capital Partners and other investors, according to company statements. CVC, which paid RM1.54 billion ($378 million) for its 68.35% stake in 2022, stands to roughly double its investment based on reported valuations between RM2.6 billion and RM3 billion ($637 million to $735 million) for the entire firm.
AHAM Capital manages more than RM100 billion ($24.5 billion) in assets, serving institutional clients, pension funds and retail investors. The Kuala Lumpur-based firm also operates AIIMAN Asset Management, which handles Shariah-compliant investments — a product line Sumitomo Mitsui plans to distribute across its network.
Completion hinges on regulatory clearances in Malaysia and Japan, with closing targeted for the first half of fiscal 2026. Sumitomo Mitsui expects to book a one-time gain of approximately ¥19 billion ($122 million) from revaluing its existing stake.
The transaction extends Amova’s Southeast Asian footprint following its September rebranding from Nikko Asset Management. Whether the acquisition delivers the projected 10% return on capital by 2035 depends on Sumitomo Mitsui’s ability to extract synergies from a market where local competitors including Public Mutual and Principal already hold larger positions.
