This development follows the regulatory approval accorded to Aberdeen Asset Management to buy a majority 80% stake in NISP Asset Management from NISP Sekuritas in September, and the subsequent change of control at the beginning of this month.
Before the acquisition, NISP Asset Management managed 12 open-ended mutual funds and eight protected mutual funds, among others, with about $300m in assets under management.
Aberdeen said it expects to rationalise NISP Asset Management’s current fund range once its gets regulatory approval for change in individual fund names.
The deal was first announced in September.
“Aberdeen Asset Management was familiar with NISP Asset Management for many years because of a longstanding investment in NISP AM’s parent bank,” said Sigit Wiryadi who led NISP AM as president director and continues in his role following Aberdeen’s acquisition.
According to Aberdeen, its move into Indonesia is in response to the broad pace of economic growth and the rising level of affluence. The asset manager believes as savers become knowledgeable, they will become more willing to put money into risk assets.
The Aberdeen Group has been investing in Indonesia since late 1980s. As of end October, it has $2.73bn invested in Indonesian equities and $1.47bn in fixed income on behalf of clients globally, both retail and institutional. This includes the NYSE-listed Aberdeen Indonesia Fund with assets of $95m.