The Ashmore Funds Progressive Nusantara Fund, which is domiciled in Indonesia, will be offered to the customers of Permata Bank, one of the largest banks in the country.
The fund launched in February last year and adopts a mid-cap investment strategy, with assets worth Rp1.2trn as of 31 March, representing 60% of total funds under management of Ashmore in Indonesia.
Having launched the Progressive Nusantara Fund and the Dana Ekuitas Nusantara Fund in February last year, Ashmore opened a full office in the country the following April, headed by Ronni Gandahusada.
The Progressive Nusantara Fund has a mandate to invest at least 80% of the corpus in equity securities. Out of this, at least 50% is invested in equity securities issued by medium- and small-cap companies.
Investments can be made through regular purchases with a minimum investment of $10m and periodical purchases with a minimum investment of Rp250,000 each month debited from the customer's account.
Gandahusada said the fund house will continue to build and strengthen the distribution channel and to extend its range of mutual fund products.
