The merged entity will now operate as RHB Asset Management Sdn Bhd (RHBAM), and consequently all the funds managed by the asset manager would be renamed.
Along with conventional asset management capabilities, OSK-UOB Islamic Fund Management Berhad has also merged with RHB Islamic Asset Management Sdn Bhd and renamed as RHB Islamic International Asset Management Berhad (RHBIIAM).
The newly merged asset management business, branded RHB-OSK, is led by Eliza Ong as the managing director or regional head of group asset management. She will be supported by Ho Seng Yee, chief executive officer of RHBAM/regional head of retail distribution and Md Noor Bin A Rahman, CEO of RHBIIAM.
In line with the RHB Banking Group’s regional aspiration, RHBAM group targets to grow 40% of revenue contribution from ASEAN and Greater China region by 2020 from its current 9%, through organic growth, strategic partnership tie-ups as well as further acquisitions, said Ong.
Both RHBAM and RHBIIAM are anchored by the RHB Banking Group, one of Malaysia’s largest financial services groups, with an asset base of close to $60bn (£36.77bn) .
“Asset Management is one of the core business pillars in the merged investment bank. Along with our group’s vision to be a leading financial services group in the region, the combined strength of the asset management group will enable us to offer a wider range of products and services to our clients as they expand their business and investments regionally,” said Mike Chan, managing director, RHB Investment Bank Berhad.
Accoridng to the company, the combined strength of both organisations has created Malaysia's third largest retail and institutional fund management company. The company claims it will also be the largest fund house in Malaysia to carry both an investment advisor and private retirement scheme licence.
With close to 136 funds on its product platform covering equity, fixed income and alternative investment, the merged entity will be able to offer wider range of product and services capabilities alongwith enhanced local and regional capabilities across Malaysia, Asean and Greater China regions.
In the Islamic asset management space, RHBIIAM aims to be in the top ten ranking globally by 2018, according to Md Noor Bin Hj A Rahman, CEO of RHBIIAM.
With total assets worth MYR40bn ((£7.56bn, $12.34bn), the merged asset management business has staff strength of close to 300 professionals in its offices across Malaysia, Singapore, Hong Kong and Indonesia.
