KUALA LUMPUR (Jan 28): CVC Capital Partners' purchase of a 68.35% stake in Affin Hwang Asset Management Bhd (Affin Hwang AM) for RM1.54 billion is the private equity fund’s sixth investment in Malaysia since 2007, bringing its total capital invested to over US$1 billion. “We are particularly excited to partner with Affin Hwang AM’s talented management team, who has shown a track record of outperformance, and Nikko Asset Management (Nikko AM), who will remain as a strategic shareholder. CVC’s unit Starlight Asset Sdn Bhd has signed a conditional share purchase agreement with Affin Bank Bhd to take over the controlling stake of Affin Hwang AM. The sale values Affin Hwang AM, whose assets under management amount to RM81 billion, at RM2.25 billion. "We are delighted to continue our long-term partnership with the [Affin Hwang AM] management team and welcome CVC.

Source: The Edge Markets January 28, 2022 21:20 UTC