UOB Asset Management Ltd (UOBAM) and Wellington Management Singapore Pte Ltd signed a Memorandum of Understanding (MOU) to develop investment solutions designed specifically for UOBAM’s increasingly sophisticated client base in Asia.
The MOU will bring together the complementary strengths of the Wellington Management group’s (Wellington Management) global asset investment industry experience and UOBAM’s strong investment expertise and extensive distribution capabilities across Asia.
Under the MOU, UOBAM and Wellington Management will collaborate to develop equities and fixed income investment products, as well as strategic and tactical asset allocation solutions for UOBAM’s clients. UOBAM plans to launch investment products capitalising on the partnership’s capabilities within the next six months.
Mr Thio Boon Kiat, Managing Director and CEO, UOBAM, said, “As Asia’s middle class continues to grow and disposable incomes rise, the financial needs of individuals are set to become more sophisticated. Through this MOU, we hope to be able to provide our customers with investment funds that are relevant to their long-term financial needs.”
Asia Pacific’s asset management industry’s assets under management are projected to grow at a compounded annual growth rate of almost 10 per cent per year - from US$7.7 trillion in 2012 to US$16.2trillion by 2020.
The partnership between UOBAM and Wellington Management is built on strong foundations. Both firms have had a successful working relationship for the past 15 years through UOBAM’s award-winning United Global Healthcare Fund. Wellington is the appointed sub-manager of the fund, which has received multiple industry accolades and awards since the fund’s inception in August 2000.
Mr Ray Helfer, Wellington Management’s Head of Asia said, “We are honoured to be selected by UOBAM as a strategic partner and are excited to complement their management team by focusing our investment capabilities on the unique investment needs of UOBAM clients in Asia.”
