Indonesia’s digital wealth platform Stockbit and Singapore’s Fullerton Fund Management have entered into a strategic partnership to address the wealth management needs of Indonesian investors.
The pair have jointly acquired Ayers Asia Asset Management, an Indonesian asset management firm based in Jakarta, and with the acquisition will collaborate to manufacture and distribute investment solutions for a wide spectrum of investors across retail, intermediaries and institutions.
“We are delighted to partner with Fullerton, an award-winning fund manager with deep investment expertise and strong focus on risk management. We believe Fullerton’s strong track record to deliver quality investment solutions will benefit investors in Indonesia,” said Sigit Kouwagam, chief executive and co-founder of Stockbit.
Jenny Sofian, chief executive of Fullerton Fund Management, added: “Fullerton is excited to enter the Indonesian market with Stockbit, a fast-growing fintech player with a prominent brand and deep understanding of the diverse needs of investors in Indonesia. Their ambition to making (sic) investment solutions widely accessible complements our commitment to design quality offerings to meet the needs of this rapidly expanding and dynamic market.”
Indonesia’s asset management market remains underpenetrated when compared to neighbours in the region. Indonesia’s mutual fund assets under management is still less than 4% of GDP, which is far below Malaysia, Thailand and India, where this ratio is 35.8%, 30.3% and 15.8% of GDP respectively.
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