KUALA LUMPUR (Nov 22): AHAM Asset Management Bhd (AHAM Capital), which was previously known as Affin Hwang Asset Management Bhd (Affin Hwang AM), targets assets under administration (AUA) of RM100 billion in the next three years.

AHAM Capital was born out of CVC Capital Partners' acquisition of a 68.35% stake in Affin Hwang AM for RM1.54 billion on July 29.

According to AHAM Capital managing director Datuk Teng Chee Wai, the company managed some RM75 billion worth of assets as at Oct 31.

“Looking ahead, we are confident of achieving our [AUA] target of RM100 billion in the next three years as we strengthen our wealth management capabilities including alternatives and private market offerings.

“We will also harness innovation to support the development of digital focused solutions that will democratise access to investment products for all client segments,” said Teng at the Affin Hwang AM New Brand Reveal and Business Update event on Tuesday (Nov 22).

AHAM Capital also eyes regional expansion next year, leveraging CVC's established network in Southeast Asia (SEA).

Teng added the region is poised for strong growth in the coming years as many fund management companies and asset managers are taking strong positions in the region for emerging opportunities.

“AHAM will work closely with CVC to continue driving [the] growth of its wealth management business and devise plans for expansion into key markets across Southeast Asia,” he added.

The asset management group is looking at SEA markets such as Indonesia, Thailand, the Philippines and Vietnam where CVC already has a strong presence.

On the market outlook in 2023, Teng said the fund management industry is expected to do well, amid various global headwinds weighing on the industry.

“2022 has been a very tough year for the industry globally. We all had a decline in the AUM. But for next year there is some optimism that the inflation environment has already peaked.

“If inflation comes off faster, it gives policy makers a little bit more room to make adjustments,” he said, adding that eventually the market will emerge stronger despite a slowdown in the economy.