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February 14, 2013updated 04 Apr 2017 3:28pm

Mandiri, Citibank ink distribution deal for mutual funds

Indonesia’s third-largest fund management firm, Mandiri Manajemen Investasi signed an agreement with Citibank turning the local unit into the sales agent for two of its mutual fund products: Mandiri Investa Equity Movement (MIEM) and Mandiri Investa Pasar Uang (MPU).

By Thomas Zink

Indonesia’s third-largest fund management firm, Mandiri Manajemen Investasi signed an agreement with Citibank turning the local unit into the sales agent for two of its mutual fund products: Mandiri Investa Equity Movement (MIEM) and Mandiri Investa Pasar Uang (MPU).

"The portfolio of these mutual funds [MIEM] exclusively cover best-ranking stocks deemed as having strong momentum and high values. The returns are targeted at between 15 and 17 percent," said Mandiri Manajemen Investasi’s president director, Muhammad Hanif, after the signing of the agreement.

"This partnership with Citibank is a proof of our commitment to developing interesting products for high-net-worth individuals," he added.

As for MPU, Hanif said it was intended for short-term investments in the currency market. He added that it was a leading product in the currency market category, with a market share of 38.6% as of December 2012.

Meanwhile, Citibank Indonesia’s director for retail investment, Harsya Prasetyo, said the bank would offer the two Mandiri products to its elite Citigold customers.

 

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