DBS Group in talks to sell asset management arm

Singaporean Group may acquire a small stake in Japan's Nikko Asset Management.

Singapore's DBS Group is reportedly in talks with Japan's Nikko Asset Management to sell its asset management unit DBS Asset Management.

The deal may also involve DBS Group acquiring a small stake in Nikko.

If deal materializes, the combined entity could be managing about $145bn in assets.

DBS Group is also holding similar talks with an European-owned asset management firm, according to other reports.
According to Reuters, Nikko has already made an offer to DBS Group.

DBS spokeswoman Edna Koh said that the bank is exploring various options including a possible strategic partnership for its asset management arm.

"Asia is creating wealth faster than anywhere else in the world. Against this backdrop, as stated in DBS's strategic roadmap, a key priority is to build a leading regional wealth management franchise," Koh said.