Kenanga Investment Bank group managing director Datuk Chay Wai Leong said the acquisition of i-VCAP will enable the group to build better, more diversified portfolios through its product capabilities across the group. KUALA LUMPUR: Kenanga Investment Bank Bhd acquired i-VCAP Management Sdn Bhd, which is its latest within the last 14 months, as it expands its asset management business and deliver new investment solutions for its clients. In a statement on Tuesday, Kenanga IB group managing director Datuk Chay Wai Leong said the acquisition of i-VCAP will enable the group to build better, more diversified portfolios through its product capabilities across the group. Its unit Kenanga Investors Bhd acquired i-VCAP from Vcap Asset Management after getting the Securities Commission’s approval. “i-VCAP is an award-winning, shariah-compliant investment management services provider primarily focused on Islamic exchange-traded funds (ETFs), ” it said. It said the acquisition was the group's second purchase of an asset management business within the last 14 months, following the acquisition of Libra Invest Bhd at end 2019. Kenanga IB has been actively participating in joint ventures, acquisitions as well as strategic stakes within synergistic businesses over the past few years. "We are constantly exploring ways to deliver new investment solutions for our clients. This is a natural step in our strategy to develop products for a wider audience. “The ETFs market is one of the fastest growing segments in asset management. A number of long-term macro trends, including the increasing use of passive vehicles and the driving force of digitalisation will lead to a growing demand for ETF products," Chay said. The acquisition is one year after Kenanga group's foray into the ETF space where OneETF by Kenanga, Malaysia's first KLCI-linked leveraged and inverse ETFs, was introduced together with its strategic partner Yuanta Securities, the largest ETFs provider in Taiwan and a leading ETFs provider in Asia. KIB chief executive officer of Kenanga IB, Ismitz Matthew De Alwis said i-VCAP's ETFs business is highly complementary to OneETF by Kenanga. “We foresee that it will broaden our geographical reach, product suite and investment expertise, enabling us to provide more solutions to help clients achieve their investment objectives. “The exercise adds depth to the company's ETFs and Islamic product offerings as well as accessibility to the US market, ” he said.
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