JAKARTA (TheInsiderStories) - British’ Standard Life Aberdeen as the beneficial owner of the investment manager firm, PT Aberdeen Standard Investments Indonesia, has decided to leave the country and close its investment manager business activities. This has led to, among others, the dissolution of up to 10 mutual fund products.
Aberdeen said the decision to exit the Indonesian market was part of a broader company plan to reconfigure global operations around a growth strategy and focus on strategic priorities and core markets. The company hope to close its business in Indonesia by mid-2021.
The company intends to close seven open funds that are locally domiciled, and liquidate or transfer three protected mutual funds currently managed by Aberdeen Indonesia, in accordance with regional regulations and taking into account the best interests of customers.
As of Jan. 28, the investment manager has submitted a plan to the Financial Services Authority. The company has also instructed the custodian bank to stop calculating the net asset value of its mutual fund products. The management insists this action is a difficult decision to make, but the right way for business.
The Indonesian market will continue to be managed by the Aberdeen regional investment team based in Singapore, said the management. It said, Indonesia is still considered to be an important investment destination for Aberdeen.
Their presence in the country began when Aberdeen Standard Investments (Asia) Ltd., acquired 80 percent of the share capital of PT NISP Asset Management from PT NISP Sekuritas in 2014 then became PT Aberdeen Asset Management.
In 2018, the parent acquired an additional 19 percent stake of the company, bringing its share ownership to 99 percent. Then the unit was renamed to Aberdeen Standard Investments Indonesia following the merger between Standard Life and Aberdeen in August 2017.
In 2018, the investment firm has named Omar S. Anwar as the country head and distribution for Indonesia. The man with over 30 years’ track record of leadership in Indonesia’ financial services industry was also appointed as the president director of PT Aberdeen Asset Management. He replaced Sigit P. Wiryadi who retired in March 2018.
The financial firm has developed a domestic investment franchise. The company is one of the few global asset managers that have manufactured international products for distribution in the local market, including a Syariah Asia Pacific equity strategy.
Aberdeen Standard Investments is a leading global investment manager, with offices in more than 40 locations around the world. The British investment manager company has been investing in Indonesian equities since 1987.
Written by Editorial Staff, Email: theinisiderstories@gmail.com
