Affin Hwang Asset Management To Rebrand Following Acquisition By CVC Capital Partners
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Affin Hwang Asset Management Berhad has announced that it will embark on a rebranding exercise, following the acquisition of a 68.35% stake in its company by global private equity and investment advisory firm, CVC Capital Partners. 

In a statement, Affin Hwang Asset Management said that the rebranding exercise will be carried out to refresh its image after 20 years, and reposition the company for its next phase of growth. The exercise is aimed to be completed by the fourth quarter of 2022 (4Q22). 

Additionally, Affin Hwang Asset Management stated that the company’s acquisition by CVC will provide it with a strong springboard to elevate its wealth management business, as well as spur new digital solutions. 

(Image: The Star)

“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,” said the managing director of Affin Hwang Asset Management, Datuk Teng Chee Wai, adding that the company will also be able to tap into CVC’s expertise in private markets and alternative asset classes. Meanwhile, Nikko Asset Management – one of Asia’s leading asset managers – is the second largest shareholder in Affin Hwang Asset Management.

Datuk Teng also highlighted that Affin Hwang Asset Management will continue to uphold and preserve the trust given by its clients. “Our clients will continue to be at the forefront of our business as we build long-term sustainable wealth for generations to come,” he added. 

For context, Affin Bank Berhad announced earlier this year that CVC, through its subsidiary Starlight Asset Sdn Bhd, has agreed to acquire 68.35% of the equity interest in Affin Hwang Asset Management. Following the approval by the Securities Commission Malaysia (SC), Starlight Asset Sdn Bhd acquired a 63% stake in Affin Hwang Asset Management from Affin Bank for RM1.42 billion, and another 5.35% stake from Affin Hwang Asset Management’s senior management for RM120 million. 

With the completion of the stake acquisition by CVC, Affin Hwang Asset Management has now ceased to be a subsidiary of Affin Hwang Investment Bank. 

(Sources: Affin Hwang Asset Management, The Edge Markets)

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