UK-based fund manager Schroders is reportedly exploring the sale of its Indonesian business, which manages approximately $4bn in assets.
The move comes as the company’s new CEO, Richard Oldfield, looks to shed underperforming operations, reported Reuters citing sources.
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Schroders Indonesia spokesperson was quoted by the news agency as saying: “We are constantly in discussions with potential partners to ensure we continue to deliver exceptional service and value to our clients.”
The company has engaged advisers, including UBS, to facilitate the potential transaction. However, the company has refrained from commenting on specific market rumours.
The interest in Schroders’ Indonesian unit has reportedly attracted attention from several financial institutions. Among them are the asset management divisions of HSBC and Allianz, as well as Bank Negara Indonesia.
These companies have not confirmed the matter.
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By GlobalDataThe decision to divest comes after three decades of Schroders’ efforts to expand in Indonesia. With the firm’s shares under pressure this year, investors are anticipated to advocate for a change in strategy.
Schroders Indonesia represents 1.6% of the company’s total assets in the Asia-Pacific, its second-largest market by assets under management.
Last month, Schroders appointed Phil Middleton as UK head and Tom Darnowski as Americas CEO. Middleton, with over 30 years of experience, joined Schroders in 1992, focusing on distribution and marketing in London.
