Ashmore Asset Management has signed a partnership agreement with Bank Permata to distribute its mid-cap focussed equity funds in Indonesia.
Additionally, the agreement will allow Ashmore to sell its mutual fund products to the bank’s customers.
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As part of the deal, The Ashmore Funds Progressive Nusantara Fund, which is domiciled in Indonesia and makes up 60% of Ashmore Indonesia’s total AUM, will be offered to the customers of Permata Bank.
Ronni Gandahusada president director of Ashmore Indonesia said: "There is a huge untapped potential market for our product. Only 1 percent of the country invests in mutual funds."
The Progressive Nusantara Fund will invest at least 80% of the corpus in equity securities, out of which, 50% is invested in equity securities issued by medium- and small-cap companies.
Ashmore Indonesia director Arief Wana said that firm is planning to double its AUM to IDR 4 trillion by the end of this year.
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