South Korea-based Mirae Asset Global Investments has suspended plans to acquire a 70% stake in Indonesia’s NISP Asset Management, which has US$440 million of assets under management, according to Funds Europe.
A spokesperson for Mirae Asset said the deal has ended because of the timing and finding the right company that fits, adding that the management is still looking for possible acquisitions.
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Tae Yong Lee, head of Mirae Asset’s global business, told Funds Europe at the end of last year that he plans to expand into Southeast Asia, including Indonesia, to manage and distribute its investment funds.
Mirae has already signed a conditional shares purchase agreement to acquire a 70% stake in the local Indonesian asset manager, hoping to become the first among its Korean peers to gain foothold in Southeast Asia.
The cancellation of the deal takes place as merger and acquisition activity in the financial services sector generally has increased.
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