UOB acquires 75% stake in Indonesian PG Asset Management

Singapore-based lender UOB, through its subsidiary UOB Asset Management (UOBAM), took a 75% stake in the Indonesian PG Asset Management Group (PGAM) for an amount of 2.25 million Singapore dollars ($ 1.63 million), according to an official statement.

UOBAM bought the participation of the local company Multikem Suplindo.

PG Asset Management, based in Jakarta, holds a portfolio management license dated December 27, 2011, issued by Otoritas Jasa Keuangan (OJK), the financial services authority in Indonesia.

The company had a net asset value of about Rp. 7.7 billion as of September 28, 2018 and assets under management of about Rp. 255.4 billion.

Following completion of the acquisition, which is awaiting regulatory approval from Indonesia and Singapore, PGAM will become a subsidiary of UOBAM.

The addition of PGAM, said UOBAM, would further strengthen the company's presence and presence in Asia, and is in line with the regionalization plans of the UOB Group.

UOB recently invested in Israel-based fintech start-up, Personetics, to enhance its artificial intelligence-based solutions for customers in Southeast Asia with its cognitive analytics capabilities.

Earlier this month, it appeared that the UOB had also made an unspecified investment in the giant Grab, Southeast Asian giant, as part of a strategic alliance of financial services.

In addition, UOBAIM (UOB Alternative Investment Management) would weigh on a fund focused on Southeast Asia with a target corpus of between $ 200 and $ 300 million, which will focus on areas such as health care and consumer services.

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