Japan’s Amova Expands Southeast Asian Reach via Malaysian Partnership

Japan’s Amova Asset Management is accelerating its expansion into Southeast Asia, primarily through a partnership with Malaysia’s AHAM Capital. This strategic move is part of Amova’s broader growth strategy, which aims for significant contributions from both organic growth and acquisitions over the next decade.

Stefanie Drews, Amova's representative director and CEO, emphasized the importance of AHAM Capital's regional expertise in navigating the complexities of Southeast Asian markets. Drews said that AHAM Capital will play a big part in the leadership of that corridor. The partnership is expected to facilitate Amova’s entry into Vietnam, where a joint venture with BIDV Securities is pending regulatory approval.

“AHAM Capital will play a big part in the leadership of that corridor.”Stefanie Drews, CEO, Amova Asset Management

Amova’s recent acquisition of a 97.67% stake in AHAM Capital, up from 20%, marks a significant milestone in its strategy to consolidate its presence in Asia. The acquisition involved shares from various stakeholders, including CVC Capital Partners and Lembaga Tabung Angkatan Tentera. This move positions AHAM Capital as a key player in Amova's plans to leverage local market knowledge and client relationships.

AHAM Capital, established in 2001, is one of Malaysia's leading asset management firms, currently managing approximately RM103.4 billion (US$27 billion) in assets as of March 31, 2026. The firm has a strong focus on wealth management, catering to high-net-worth individuals and corporate clients. Esther Teo, AHAM’s deputy managing director, noted that the company manages about RM12 billion (US$2.9 billion) in wealth assets and sees substantial growth potential in this segment.

Drews highlighted Malaysia's favorable market conditions, including a large deposit base and a young demographic, as structural advantages for asset managers. She said Malaysia is a premier global hub for Islamic finance, with around 28% of global assets under management in this sector, compared to Saudi Arabia's 17%.

“Malaysia’s structural advantages offer compelling growth opportunities for asset managers.”Stefanie Drews, CEO, Amova Asset Management

Through this partnership, Amova aims to enhance local access to global investment strategies while improving capabilities for both retail and institutional clients. The collaboration is expected to not only strengthen AHAM’s existing offerings but also introduce new investment solutions managed from London, thereby broadening the product range available to clients.

As Amova continues to pursue opportunities across Southeast Asia, the firm remains cautious about the complexities of entering new markets. Drews acknowledged that while opportunities are limited, the region remains a major focus for growth.