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.

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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