Japan-based Amova Asset Management (Amova AM) has completed the acquisition of an additional 77.675% stake in Malaysia’s AHAM Asset Management Berhad from CVC Capital Partners (68.35%), Lembaga Tabung Angkatan Tentera (7%), and AHAM Capital’s management team.
The transaction increases Amova AM’s ownership from 20% to 97.675%, making AHAM Capital a consolidated subsidiary. The firm plans to acquire the remaining 2.325% stake held by AHAM Capital’s management at a later stage.
The deal also provides an exit to AHAM Capital’s major shareholder CVC Capital Partners. The global private equity firm had acquired a roughly 68% equity stake in AHAM Capital in 2022.
On 23 December 2025, Amova AM announced that it had agreed to acquire all remaining shares in AHAM Capital from CVC Capital Partners and other shareholders. The acquisition received approval from the Securities Commission Malaysia and the Financial Services Agency of Japan.
The completion of the acquisition marks a significant milestone in Amova AM’s strategy to strengthen its presence across Asia. Both organisations are well positioned for the next phase of growth, combining AHAM Capital’s strong local presence with Amova AM’s global scale and cross-border investment capabilities.
AHAM Capital is Malaysia’s second-largest asset manager, overseeing RM103.4 billion ($25.4 billion) in assets under administration as of March 31, 2026. The firm owns Shariah-focused asset manager AIIMAN and holds a strategic stake in digital investment platform Versa.
Following the acquisition, AHAM Capital will continue to be led by its existing management team, while the two firms will adopt a co-branding strategy in Malaysia. Amova AM said the deal will also strengthen its presence in the country’s Shariah-compliant investment market through AIIMAN.
Amova Asset Management is a Japan-headquartered global asset manager and a member of the Sumitomo Mitsui Trust Group. Formerly known as Nikko Asset Management, the firm rebranded in September 2025 and manages $271.5 billion in assets under management as of March 31, 2026.
AHAM Asset Management Berhad is one of Malaysia’s largest asset and wealth managers, offering investment solutions across equities, fixed income, multi-asset and alternative investments.
