K & N Kenanga Holdings Berhad (“KNKH”), through its fund management subsidiary, Kenanga Investors Berhad (“Kenanga Investors”) completed ...the acquisition of ING Funds Berhad (“IFB”). IFB is now a subsidiary of Kenanga Investors, a wholly owned entity of KNKH via Kenanga Investment Bank Berhad (“KIBB”). Group managing director Chay Wai Leong said they expect the integration of the two companies to be implemented over the next few months.
KUALA LUMPUR: K&N Kenaga Holdings Bhd has completed its acquisition of ING Funds Bhd which will see the merged entity having over 1,500 agents, a wider branch network and an enlarged customer base.
It said on Friday the acquisition was undertaken by its fund management subsidiary, Kenanga Investors Bhd - a unit of K&N Kenaga Holdings' investment bank Kenanga Investment Bank Bhd.
Group managing director Chay Wai Leong said they expected the integration of the two companies to be implement over the next few months.
He expected the merger of businesses to complete in the second quarter of this year, pending necessary approvals.
"With this acquisition, the merged entity will have over 1,500 tied agents marketing our award winning products, a wider branch network and an enlarged customer base.
"IFB also has a dynamic online presence giving us a platform to generate traction in the digital space," he added.
Post-merger, assets under management of the combined entities would be about RM5bil.
To recap, in December 2012, Kenanga Investors signed a conditional sale and purchase agreement to buy the 100% interest in ING Funds from ING --- which owned a 70% stake -- and its joint venture partner Tab Inter-Asia Services Sdn Bhd's 30% stake.
