Indonesian securities regulator Otoritas Jasa Keuangan (OJK) has approved the acquisition of an 80% stake by Aberdeen Asset Management Asia (AAMAL) in the share capital of PT NISP Asset Management (NISPAM) from NISP Sekuritas.

           

The OJK’s approval on September 18 2014 follows approval by AAMAL’s home regulator, the Monetary Authority of Singapore. These regulatory approvals now pave the way for a formal change of control expected to take place in November.  Following change of control, an application will be made to change NISPAM’s name to PT Aberdeen Asset Management.  Applications to change the names of the funds currently managed by NISPAM will also be made.

 

AAMAL will work closely with NISPAM to introduce its global best practices in the shape of fund management processes, dealing, operations, compliance and risk management systems.

 

Sigit Wiryadi, who heads NISPAM and will continue in his role after Aberdeen’s acquisition, comments: “The integration of the company onto Aberdeen’s global operating platform has started. The OJK’s approval now puts this into motion formally. As part of the integration, we plan to add to the existing team, move to new offices and re-brand in the coming months. Altogether, progress has been good and we are excited about our future as part of the Aberdeen Group.”