PETALING JAYA (June 11, 2013): The entire business of ING Funds Bhd including all of its assets and liabilities, has been transferred to Kenanga Investors Bhd, with both institutions now operating under Kenanga Investors as a wholly-owned subsidiary of K&N Kenanga Holdings Bhd via Kenanga Investment Bank Bhd.
"With this, Kenanga Investors has moved up to No. 12 spot from No. 16(according to Lipper as at April 2013) in terms of unit trust assets under management (AUM) and will now have over RM5 billion in AUM as well as a larger retail customer base of over 30,000 investors," K&N Kenanga group managing director Chay Wai Leong (pix) said in a statement yesterday.
"Our clients now have access to over 1,000 tied agents, an enlarged and experienced fund management team, new online portals as well as, a suite of award winning financial products comprising of 32 funds. We are also one of the eight Private Retirement Scheme (PRS) providers in the country and look forward to offering relevant and compelling PRS products to the market," he added.
This follows the completion of Kenanga Investors' acquisition of ING Funds from ING (70%) and its joint venture partner Tab Inter-Asia Services Sdn Bhd (30%) on April 19, 2013.
Chay said the acquisition of ING Funds is the group's second acquisition exercise within a year.
The first was of ECM Libra Investment Bank Bhd, which had propelled Kenanga Investment Bank Bhd to become the country's largest independent investment bank by equity trading volume and value.
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