Japan’s Amova acquires Malaysia’s AHAM Capital to spearhead Shariah push

Within mere months of dropping the Nikko name, Tokyo-headquartered Amova Asset Management has underlined its renewed ambitions with the acquisition of a controlling stake in Malaysia’s AHAM Asset Management (AHAM Capital).

“This strategic move underscores our ambition to lead in Asia while expanding our global reach,” said Amova President and CEO Stefanie Drews, while also noting the group’s global rebrand since September – when it was previously known as Nikko Asset Management.

“By integrating AHAM Capital’s local expertise and Shariah investment capabilities with Amova’s global scale and innovation, we deliver differentiated solutions for our clients and accelerate growth across public, private and Islamic investment segments.”

With over RM100 billion (US$24.63 billion) in AuM as at the 30^th November 2025 and about 400 employees, an AHAM Capital representative told IFN Investor that there will be no immediate changes at local operations, with Amova raising its stake from 20% to 97.7%.

“We will continue to expand our alternatives offerings, both conventional and Shariah compliant, in line with client demand, focusing on strategies that demonstrate robust risk management and differentiated return drivers.”

AHAM Capital provides investment solutions to institutional, high-net-worth individuals and retail investors. Its wholly-owned Shariah fund management arm is AIIMAN Asset Management. Other subsidiaries include PE fund manager Bintang Capital Partners, and it also has a minority stake in digital wealth platform, Versa Asia.

“Private markets and alternative investments form an important pillar of our private wealth push, particularly as clients seek to strengthen portfolio resilience amid more correlated public markets. In recent years, traditional asset classes such as equities and bonds have exhibited higher correlation, reducing the effectiveness of conventional diversification,” noted the AHAM Capital representative.

Technology is set to play a pivotal role in scaling operations. AHAM Capital is exploring AI and machine learning to automate routine processes, improve data quality and enhance accessibility – to combine local insight with institutional-grade infrastructure.

Amova has been a minority shareholder and close business partner of AHAM Capital for over 14 years. The group, which originated in Japan, handles over US$270 billion in AuM and operates a global platform of over 200 investment professionals across 10 countries – covering equities, fixed income, multi-asset and alternatives.