Affin Hwang AM Charts New Chapter as Acquisition by CVC is Successfully Completed
KUALA LUMPUR – Affin Hwang Asset Management Berhad (“Affin Hwang AM” or “the Company”) announced today the successful completion of its acquisition by CVC Capital Partners for an approximate 68% equity interest in the Company.

The acquisition by CVC Capital Partners which is a leading global private equity and investment advisory firm will provide Affin Hwang AM a strong springboard in charting its next growth phase to elevate its wealth platform as well as spur digitalisation to enhance client experience.

Dato’ Teng Chee Wai, Managing Director of Affin Hwang AM said, “The completion of the transaction today marks an exciting new chapter for Affin Hwang AM together with our valued clients. With a fortified shareholder strength, the synergy from our partnership with CVC as well as our longstanding partner Nikko Asset Management will allow us to expand our capabilities and broaden our suite of offerings. This include leveraging on CVC’s expertise in private markets and alternative asset classes to drive growth in our wealth management business as well as spearhead new digital solutions.”

“Together with the same management team and key investment personnel that have built this company over the last 20 years, our core purpose and values remain true and steadfast. We will continue to uphold and reinforce the trust given by our clients which has allowed us to grow from strength to strength over the years. Our clients will continue to be at the forefront of our business as we build long-term sustainable wealth for generations to come,” Dato’ Teng says.

Background of Acquisition

On 28 Jan 2022, Affin Bank (“ABB”) announced that funds advised by CVC Capital Partners, a leading global private equity and investment advisory firm with approximately US$125 billion of assets under management, has agreed to acquire approximately 68% of the equity interest in Affin Hwang AM (the “acquisition”).

The acquisition was approved by the Securities Commissions Malaysia (“SC) on 1 July 2022, and upon successful completion of the acquisition on the 29 July 2022, AHAM has now ceased to be a subsidiary of Affin Hwang IB.
The Company will embark on a rebranding exercise which would rejuvenate the company’s image after 20 years as well as reposition the company for its next growth phase. The rebranding exercise is expected to be fully completed by the 4Q’2022.

– End of Press Release –


Lee Sheung Un | [email protected] | +603 2117 6592
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Managing Director
Teng Chee Wai is the founder of Affin Hwang Asset Management Berhad (Affin Hwang AM). Over the past decade, he has built the Company to be the fastest growing and only independent investment management house in Malaysia’s top three, with an excess of RM47 billion in assets under management as at 31 December 2018.​

​In his capacity as Managing Director / Executive Director, Teng manages the overall business and strategic direction as well as the management of the investment team. His hands-on approach sees him actively involved in investments, product development and marketing. Teng’s critical leadership and regular participation in reviewing and assessing strategies and performance has been pivotal in allowing the Company to successfully navigate the economically turbulent decade.

Teng’s investment management experience spans more than 20 years, and his key area of expertise is in managing absolute return mandates for insurance assets and investment-linked funds in both Singapore and Malaysia. Prior to his current appointments, he was the Assistant General Manager (Investment) of Overseas Assurance Corporation (OAC) and was responsible for the investment function of the Group Overseas Assurance Corporation Ltd.​

​Teng began his career in the financial industry as an Investment Manager with NTUC Income, Singapore. He is a Bachelor of Science graduate from the National University of Singapore and has a Post-Graduate Diploma in Actuarial Studies from City University in London.
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