Affin Bank Completes RM50 Million Acquisition Of Phelm Asset Management
Affin Bank Berhad has completed its acquisition of a 100% equity interest in Pheim Asset Management Sdn Bhd (Pheim AM) for RM50 million in cash, marking a strategic expansion of its wealth management capabilities.
The bank said the acquisition, finalised after securing all necessary regulatory approvals, strengthens its position as a universal banking group and supports its push to diversify income streams through fee-based services.
Established in 1993, Pheim AM is involved in asset management, with its subsidiaries offering Islamic asset management and unit trust services. As at March 31, 2026, the group managed approximately RM832.8 million in assets under management and advisory across institutional, corporate and retail clients.
Affin Bank President and Group CEO Wan Razly Abdullah said the deal enhances the bank’s ability to provide integrated and scalable investment solutions.
“The completion of this acquisition marks a strategic step in strengthening our wealth management platform. It allows us to expand our presence in fee-based income and deliver more comprehensive offerings to customers,” he said.
He added that the integration of Pheim AM would focus on maintaining client continuity while aligning capabilities across the group to deliver long-term value.
Following the completion, Pheim AM will operate as a wholly owned subsidiary of Affin Bank. The bank expects the acquisition to broaden its client reach and enable more tailored and diversified investment solutions.
The move is aligned with Affin Bank’s long-term AX28 strategy, which focuses on customer service, digital leadership and responsible banking, as it seeks to enhance competitiveness in Malaysia’s evolving financial services landscape.
