Aberdeen Asset Management Asia has set up a fully licensed business in Indonesia as onshore fund manager.

The set up of the Indonesian base comes in response to the wider pace of economic growth and the increasing level of affluence, reported International Adviser.

The move follows the regulatory approval given by Indonesian financial services regulator to the Asian division of Aberdeen Asset Management to buy 80% of Indonesia-based NISP Asset Management.

Aberdeen intends to reduce NISP Asset Management’s current fund range after receiving regulatory approval for change in individual fund names.

The Aberdeen Group has invested $2.73bn in Indonesian equities and $1.47bn in fixed income on behalf of clients globally as of 31 October 2014.

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