Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTVidhya Edwards MunnangiMon, June 8, 2026 at 2:01 PM GMT+2 2 min readAllianz Global Investors has entered exclusive negotiations to acquire the asset management business of Singapore’s United Overseas Bank (UOB), reported Bloomberg.The insurer-owned fund manager has moved ahead of competing bidders and is now seen as the leading contender for UOB Asset Management, the people said.Terms are being worked through on a deal that may value the business at as much as S$600m ($467m).The discussions are still under way and there is no certainty that an agreement will be reached, the people said.An AllianzGI spokesperson declined to comment.In a statement to Private Banker International, UOB said it remains focused on delivering long-term value for shareholders and meeting the customer needs but did not comment further.In December, UOB had been reviewing options for the unit, including a potential disposal, as part of efforts to simplify its portfolio.Other parties that submitted bids for the business included Amundi, KKR & Co. and Seviora, the asset management company backed by Temasek Holdings Pte.One of the central issues in the process was the extent to which UOB’s Southeast Asian distribution platform would form part of any transaction, the people have said.Founded in 1986, the wholly owned UOB subsidiary oversees more than S$41bn in assets. Beyond Singapore, it maintains offices in Brunei, Indonesia, Japan, Malaysia, Thailand and Vietnam.Meanwhile, last month, UOB revealed plans to increase income from its wealth business twofold by 2030, with its leadership pointing to rising numbers of affluent customers as a key area of focus.Speaking at the bank’s earnings briefing, deputy chairman and chief executive Wee Ee Cheong said the lender sees room to expand in wealth management because of a broad and growing base of higher-income customers that remains relatively untapped.As of the end of March, AllianzGI managed close to €600bn ($697bn) in assets, spanning equities, fixed income, private markets and multi-asset strategies. The firm is owned by Germany’s Allianz, which also controls bond manager Pacific Investment Management Co."AllianzGI in talks to buy UOB asset management unit – report" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info