KUALA LUMPUR (June 30): Japan’s Amova Asset Management Co Ltd has acquired the control of one of Malaysia’s largest fund management firms, Aham Asset Management Bhd.
The acquisition of shares from CVC Capital Partners and other shareholders raised Amova’s equity interest to 97.675% from just 20%. Amova intends to acquire the remaining 2.325% from Aham’s executives in due course, according to a joint statement.
“The completion of the acquisition marks a significant milestone in Amova’s strategy to strengthen its presence across Asia,” the asset manager said.
Transaction details were not disclosed.
Aham is Malaysia’s second-largest money manager with assets worth over RM103 billion as at March 31. Aham also has a wholly-owned Islamic investment unit, holds a stake in digital wealth platform Versa Asia Sdn Bhd and manages the TradePlus-branded exchange-traded funds.
The acquisition was announced on Dec 23, 2025. Private equity firm CVC Capital had 68.35% in Amova while the Armed Forces Fund Board, also known as Lembaga Tabung Angkatan Tentera, held 7%. Aham’s key management personnel had the remaining 4.65%.
Amova, formerly known as Nikko Asset Management, is seeking to further expand its offering across institutional, intermediary, high-net-worth and retail segments in Malaysia and Southeast Asia, according to Tuesday’s statement. The firms will adopt a co-branding strategy in Malaysia.
“Asia is a key focus of our global growth plan and we are delighted to welcome Aham as a consolidated subsidiary,” said Amova chief executive officer Stefanie Drews.
For Aham, the takeover marks its next phase of growth, said managing director Datuk Teng Chee Wai.
“With their support, we are well positioned to expand our offerings and better serve our clients while providing greater access to regional and global opportunities and continuing to deliver the same level of service and investment discipline our clients expect,” he added.