UOB Asset Management signs MoU to collaborate on investment solutions
(26 May 2015 – Singapore) United Overseas Bank Asset Management Ltd (UOBAM) signed a Memorandum of Understanding (MoU) with Wellington Management Singapore Pte Ltd to develop investment solutions designed specifically for UOBAM’s increasingly sophisticated client base in Asia.
The MoU will bring together the complementary strengths of the Wellington Management’s global asset investment industry experience and UOBAM’s strong investment expertise and extensive distribution capabilities across Asia.
Under the MoU, the companies will collaborate to develop equities and fixed income investment products, as well as strategic and tactical asset allocation solutions for UOBAM’s clients.
UOBAM plans to launch investment products capitalising on the partnership’s capabilities within the next six months.
UOBAM managing director and chief executive Thio Boon Kiat said the financial needs of individuals are set to become more sophisticated as Asia’s middle class continues to grow and disposable incomes rise.
“Through this MoU, we hope to be able to provide our customers with investment funds that are relevant to their long-term financial needs.”
Asia Pacific’s asset management industry’s assets under management are projected to grow at a compounded annual growth rate of almost 10 percent per year - from US$7.7 trillion (A$9.8 trillion) in 2012 to US$16.2 trillion by 2020.
The partnership between UOBAM and Wellington Management is built on a successful working relationship for the past 15 years through UOBAM’s award-winning United Global Healthcare Fund.
Wellington is the appointed sub-manager of the fund, which has received multiple industry accolades and awards since the fund’s inception in August 2000.
Ray Helfer, Wellington Management’s head of Asia said, “We are honoured to be selected by UOBAM as a strategic partner and are excited to complement their management team by focusing our investment capabilities on the unique investment needs of UOBAM clients in Asia.”
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