Maybank Asset Management Sdn Bhd, a wholly owned subsidiary of Maybank Group, has expanded its operations to Indonesia with the acquisition of Indonesia’s local asset management player, PT GMT Aset Manajemen.
As part of its strategy towards becoming a key player in the asset management industry in Asean by 2017, the acquisition of Jakarta-based GMT Aset Manajemen offers investors strong local presence in Asean with Asian-focused investment expertise.
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The firm’s expansion to Indonesia follows the group’s initiative to strengthen its asset management businesses under one roof, which consists of Maybank Asset Management and Maybank Private Equity Sdn Bhd in Malaysia, Maybank Asset Management Singapore Pte Ltd in Singapore and Maybank Asset Management Thailand Co Ltd in Thailand.
The company said that this move will allow for greater focus, capitalise on economies of scale, achieve efficient collective work processes and to enhance Maybank’s reach across the region.
By having a strong network in Asean, Maybank AM intends to be differentiated through its strong local presence and expertise in Asian focused investments.
Nor’ Azamin Salleh, CEO and managing director of Maybank AM, said, "Indonesia being the region’s largest economy with gross domestic product of US$878 billion in 2012, world’s fourth most populous nation and one of the fastest growing countries in Asean with a rising middle class and affluent consumers are solid reasons to entering into this market.
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By GlobalData"Despite the current volatile market condition, we are here for the long term as we are confident that Indonesia will continue to outperform due to its strong domestically focused economy.
"Maybank AM’s expansion to Indonesia would serve as another excellent platform to build a foundation in Asean before moving on to other markets in Asia.
"Additionally, the formation of the Asean trading link platform would be an excellent conduit to tap the region’s growth opportunities as it allows investors easy access to a wider investment selection across connected markets. We see the main drivers to be the burgeoning wealth in the region and new pools of assets from insurance and retirement funds.
"Eventually, investors will have access to our products and offerings through our in-house marketing team, Maybank branches, private banking centres and online medium. All these put together means we are able to offer a strong value proposition to our investors through better accessibility, wider and improved product offerings managed by our team of people with on the ground firsthand knowledge in Asean coupled with our Asian focused investment expertise," Azamin added.
