Nikko Asset Management (Nikko AM) said on Thursday it has acquired an Asia-Pacific investment manager, Treasury Asia Asset Management (TAAM).

Nikko said TAAM's Singapore and Sydney-based team of eight investment professionals will enhance its ability to provide institutional-quality Asian equity products to its clients in markets worldwide.

Financial details of the deal were not immediately available.

Nikko AM is majority owned by Sumitomo Mitsui Trust, with DBS Bank as the second largest shareholder.