KUALA LUMPUR (Nov 20): Affin Hwang Investment Bank Bhd and Japan’s Daiwa Securities Group Inc signed a pact aimed at establishing an alliance to tap the fast growing Asian wealth management market.
The memorandum of understanding would see Affin Hwang and Japan’s second-largest investment bank jointly forming a service framework for high-net-worth clients, offering products and services tailored to affluent clients in Malaysia, according to a statement from Daiwa Securities.
Daiwa Securities and Affin Hwang “aim to leverage on the combined strengths of both parties to create new value in the Asian wealth management segment,” the statement read.
The signing ceremony was attended by Daiwa Securities Group president and chief executive officer Akihiko Ogino and Affin Hwang CEO Hanif Ghulam Mohammed.
Financial services firms have been forming alliances in wealth management amid rising demand for broader global access and complex investment services.
Affin Hwang and Daiwa Securities have been partners for 12 years now in the field of equity brokerage, providing the Malaysian bank with international reach for institutional trading.
“By combining our expertise in the wealth/high-net-worth client business across Asia with Affin Hwang’s customer base, we will provide multifaceted services to clients in Malaysia,” Daiwa Securities said.
No other details were disclosed.