TOP NEWS OF THE WEEK
ALLIANZ WITHDRAWS ACQUISTISION OFFER FOR INCOME INSURANCE
German isurer Allianz has scrapped its proposed plan to buy a 50% stake in Singapore's Income Insurance. This decision follows the Singapore government’s opposition to the deal and recent amendments to the Insurance Act, which effectively blocked the transaction.
“We respect the Singapore Government’s decision,” Renate Wagner, member of the board of management of Allianz SE, said in a statement.
“We regret having to make this decision but we will, without question, carry on supporting the Singapore insurance market’s continued growth and success,” Wagner added.
Allianz said that the financial services hub of Southeast Asia will continue to remain an important market for the company.
Source: Allianz
CAPITALAND TO BUY WINGATE IN AUSTRALIA
Singapore-based CapitaLand Investment Limited (CLI) is to acquire Wingate Group Holdings, a property and corporate credit investment management company based in Australia, for A$200 million ($127 million) with an earn-out over a three-year period post completion of the transaction.
The transaction has yet to be completed, subject to fulfilment of conditions including regulatory approval. It is expected to be completed within coming months.
After the acquisition, CLI's funds under management are expected to boost to S$115 billion ($85 billion). CLI, the listed investment arm of CapitaLand Group, is owned by Singapore state investor Temasek Holdings.
CATHAY LIFE INSURANCE BUYS 50% OF TAIWAN WINDFARM FROM DENMARK'S ØRSTED
Taiwan's Cathay Life Insurance is buying half of Greater Changhua 4 offshore wind farm from Denmark's Orsted for around $1.64 billion.
The total sales includes 50% ownership share and commitment to fund 50% of the cost of the wind farm.
The wind farm is currently under construction and is expected to finalise by the end of 2025.
The transaction amount will be paid in 2024 and 2025.
NIPPON LIFE RAMPS UP GLOBAL PUSH WITH $500 MILLION TCW DEAL
Nippon Life Insurance is buying $550 million of convertible notes and preferred securities issued by US affiliate TCW Group Inc, and also intends to commit as much as $3.25 billion to the bond specialist’s private credit strategies as the insurer looks to shore up its global asset management capabilities.
In addition to managing $175 billion in public fixed income investments, TCW has more than doubled its alternative credit assets under management over the past four years.
SCHRODERS SEEKS BUYERS FOR ITS INDONESIAN UNIT
UK headquartered global asset manager Schroders is believed to have hired UBS as its financial adviser for the sale of Schroders Investment Management Indonesia, according to reports by Reuters, citing unnamed sources.
At least four companies, including the asset management arms of HSBC, Allianz and Indonesia's BNI or Bank Negara Indonesia are interested.
Schroders Indonesia manages about $4 billion worth of assets, 1.6% of its total assets in the Asia-Pacific region, the firm's second-largest market in terms of assets under management.
Source: Reuters
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