United Overseas Bank (UOB) announced on August 5, 2026, it has agreed to sell its asset management business to Allianz Global Investors for S$555 million (about US$433.5 million) [1, 2, 3, 4, 5]. The sale covers UOB’s asset management operations across eight Asian markets, including Singapore, Brunei, Indonesia, Japan, Malaysia, Taiwan, Thailand, and Vietnam [1, 2, 3].
As of the end of 2025, UOB’s asset management arm reported roughly S$42 billion in assets under management [1, 2, 3]. The transaction also includes excess cash, with the net asset value attributable to the sold stake at an estimated S$223 million on an unaudited pro forma basis [3].
UOB expects a pre-tax gain of about S$330 million from the sale, excluding one-off transaction costs [1, 2, 3, 4, 5]. The deal will also raise UOB’s Common Equity Tier 1 capital ratio by approximately 14 basis points [1, 2, 3, 4, 5].
The 500 employees of UOB Asset Management will transfer to Allianz Global Investors, which has committed to retaining their jobs [3].
This sale aligns with UOB’s strategic shift to focus solely on wealth management and advisory services, aiming to double its wealth income by 2030. UOB CEO Wee Ee Cheong noted, “Combining UOB’s advisory relationships with AllianzGI’s investment capabilities allows the bank to accelerate wealth management growth while simultaneously enhancing long-term shareholder value” [1, 2, 3]. This reflects the bank’s move from in-house product manufacturing to an open-architecture wealth distribution model [3, 4, 5].
UOB and Allianz have also agreed on a long-term strategic distribution partnership to market investment products, including unit trusts and mutual funds, across Singapore, Indonesia, Malaysia, Thailand, and Vietnam [1, 2, 3].
The transaction, expected to complete in 2027, remains subject to regulatory approvals [2, 3]. In late 2025, UOB had been exploring options for its asset management business, with Allianz emerging as the likely buyer [2].
