Ong Sim Ho acted as Strategy and Tax Counsel on UOB’s S$555 million divestment of UOB Asset Management

06 Aug 2026

Deputy CEO Ong Sim Ho recently acted as Strategy and Tax Counsel to UOB Group in relation to its agreement for Allianz Global Investors to acquire UOB Asset Management (UOBAM) for S$555 million.
 
The transaction covers UOBAM’s franchise across eight Asian markets and is structured alongside a long-term strategic distribution partnership between UOB and Allianz Global Investors. This enables UOB to unlock value from its asset management business while maintaining a strategic role in the distribution of investment solutions to its regional customer base. Excluding one-off transaction costs, the transaction is expected to generate a pre-tax gain of engagement for UOB and increase the Group's CET1 ratio by an estimated 14 basis points. Subject to the requisite regulatory approvals, the transaction is expected to complete in 2027.
 
Sim Ho advised the group and target companies on their sale structures as relate to tax provisioning and transfer pricing matters. He led the negotiations in respect of complex tax warranties and successfully structured mutually agreeable compliance protocol for this important collaboration for UOB and Allianz capacity as Strategy and Tax Counsel. This matter demonstrated the firm's ability to support clients not only on transaction execution, but on value adding strategic negotiation and solutioning.
 
Please join us in congratulating Sim Ho on this significant transaction and on supporting a Singapore's leading financial institution on this landmark transaction.