UOB Sells Asset Management Unit to Allianz for S$555 Million

SINGAPORE, Aug 6, 2026 – United Overseas Bank (UOB) will sell its asset management arm to Allianz Global Investors (AllianzGI) for S$555 million (US$434 million), as the lender shifts focus to wealth advice and distribution.

The deal, announced this week, is Allianz’s second major Singapore acquisition in two weeks, following its S$2.7 billion purchase of HSBC’s insurance business.

Asset Management

AllianzGI will acquire all shares in UOB Asset Management, which operates across Singapore, Brunei, Indonesia, Japan, Malaysia, Taiwan, Thailand, and Vietnam. The agreement includes excess cash and a 10-year distribution partnership.

UOB Asset Management managed S$42 billion in client assets as of December 2025. The purchase will boost AllianzGI’s Asia-Pacific assets under management to over €170 billion (US$196 billion).

All 500 employees will move to AllianzGI, which pledged to retain jobs. UOB expects a S$330 million pre-tax gain and a stronger capital ratio. The transaction awaits regulatory approval and is expected to close in 2027.

#SGBusiness