Pheim Asset Management Acquired by Affin Bank | Financial Services M&A Deal

Affin Bank has completed the acquisition of Pheim Asset Management, a wealth management ria business in Malaysia, for RM50 million. Affin Bank acquisitions add asset management capabilities through Pheim Asset Management Sdn Bhd, which provides Islamic asset management and unit trust services for institutional, corporate and retail clients. With RM832.8 million in assets under management and advisory as of March 31, the wealth management ria acquisition supports Affin’s fee-based income growth and integrated wealth offerings in Kuala Lumpur. The financial services M&A is a strategic acquisition and an add on acquisition, with Pheim AM operating as a wholly-owned subsidiary after regulatory approvals and cash consideration.