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Japan’s Nikko Asset Management and DBS Group’s (DBSM.SI) asset management unit, which have been in talks over the past few months to combine their businesses, have agreed on a merger, two sources close to the discussions said on Thursday.
The DBS unit’s joint venture with China’s Changsheng Fund Management Co will not be included in the deal, said the sources, who spoke on condition of anonymity. The deal is likely to be announced next week, they said.
The DBS unit’s joint venture with China’s Changsheng Fund Management Co will not be included in the deal, said the sources, who spoke on condition of anonymity. The deal is likely to be announced next week, they said.
DBS, Southeast Asia’s biggest bank, will take a small stake in the merged entity, the sources said, but declined to give further details.
DBS and Nikko could not be immediately reached for comment.
DBS Asset Management manages about US$20 billion ($26.2 billion) in assets while Nikko, part of Sumitomo Trust and Banking Co (8403.T), manages about US$125 billion.
DBS CEO Piyush Gupta has targeted wealth management as a key plank of his growth strategy and partnering Nikko could make its asset management arm a bigger proposition for wealthy clients.
