Aberdeen Asset Management Asia (AAMAL) has created the PT Aberdeen Asset Management as a fully licensed onshore fund manager. This announcement follows Indonesian securities regulator Otoritas Jasa Keuangan (OJK)’s approval of AAMAL’s acquisition of 80% of the share capital of PT NISP Asset Management (NISPAM) from NISP Sekuritas in September, and the subsequent change of control at the beginning of this month. The ministry of justice and rights vetted the name change on December 1.
AAMAL’s move into Indonesia is in response to the broad pace of economic growth in Indonesia and the rising level of affluence. As savers become knowledgeable, it believes they will become more willing to put money into risk assets.
Ten months after the initial announcement of a deal, there has been a seamless transition to the Aberdeen Group’s global operating platform, according to Sigit Wiryadi who led NISPAM as president director and continues in his role following AAMAL’s acquisition.
Thus, PT Aberdeen Asset Management joins a global network that spans 23 countries with US$520 billion under management.
Before the acquisition, NISPAM had 12 open-ended mutual funds and eight protected mutual funds, among others, amounting to about US$300 million in total. Once individual name changes are approved, AAMAL expects to rationalize the fund range.
