Established in 1986, the UOB subsidiary had about $37.2 billion of assets under management at the end of the first quarter, its website shows. Based in Singapore and wholly owned by UOB, the asset manager also has a presence in Brunei, Indonesia, Japan, Malaysia, Taiwan, Thailand and Vietnam.
UOB Asset Management may draw interest from other industry players as well as insurers and private equity firms, the people said. Considerations are preliminary and may not result in a transaction, they said. Declining to comment on the subject, a representative for UOB said the bank is focused on delivering long-term value to shareholders and meeting customer needs.
UOB last month set aside aprovision of $615 million, its biggest ever, citing commercial real estate risks in the US and Greater China. The bank’s shares have fallen about 4% this year, while the Straits Times Index has rallied 21%.
