UPDATE: Nikko inks DBS Asset Management acquisition

In a deal tipped by AsianInvestor, Nikko Asset Management has agreed to acquire DBS Asset Management. DBS will acquire a 7.25% stake in Nikko AM in return, in an all-share agreement. Nikko AM is privately held but intends to list in Japan sometime in 2011, with Sumitomo Trust & Banking mandated as the underwriter. The deal delivers DBS Asset Management, as well as its 30% stake in HwangDBS Investment Management in Malaysia; a 51% stake in Asian Islamic Investment Management, also …