KUALA LUMPUR: CVC Capital Partners has completed its acquisition of a 68 per cent stake in Affin Hwang Asset Management Bhd (Affin Hwang AM) and it has now ceased to be a subsidiary of Affin Hwang IB.
In a statement today, the completion of the deal "marks a new chapter” for the company, enabling it to chart its next growth phase to elevate its wealth platform as well as spur digitalisation to enhance client experience.
Affin Hwang AM managing director Datuk Teng Chee Wai said: "With a fortified shareholder strength, the synergy from our partnership with CVC as well as our longstanding partner Nikko Asset Management will allow us to expand our capabilities and broaden our suite of offerings.,
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"This includes leveraging CVC's expertise in private markets and alternative asset classes to drive growth in our wealth management business as well as spearhead new digital solutions,” Teng said.
The company will embark on a rebranding exercise to be completed by the 4Q2022 to rejuvenate its image and reposition itself for the next growth phase.
Earlier this year, global private equity and investment advisory firm CVC Capital Partners with approximately US$125 billion of assets under management agreed to acquire Affin Hwang AM. The Securities Commissions Malaysia approved the acquisition on July 1, 2022. - Bernama