Kenanga said it has agreed to acquire a 100% interest in ING Funds Berhad (IFB) from ING, which owns 70% of the business, and Tab Inter-Asia Services Sdn Berhad, which owns the remaining 30%.
IFB offers corporate cash management solutions and discretionary mandates to clients in the institutional space and also, according to a statement from Kenanga, has a good reputation for innovation in the retail fund management market.
The assets under management for the combined entities will be around RM5bn.
Chay Wai Leong, group managing director of K & N Kenanga Holdings Berhad, owner of Kenanga Investors, said: “This is a compelling strategic acquisition which will give Kenanga Investors a synergistic platform to adopt global best practices, augment its product portfolio and expand its distribution network to support customers.”
The acquisition of IFB is Kenanga Group’s second acquisition within a year. Through its subsidiary Kenanga Investment Bank Berhad (KIBB), it recently completed the acquisition of ECM Libra Investment Bank Berhad, making KIBB the largest independent investment bank in Malaysia in terms of trading value and volume.
To read about AIA’s acquisition of ING Malaysia click here
