Eastspring Investments opens in Indonesia
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Regional - 07 May 2012
[May 7, 2012, HONG KONG]: Eastspring Investments, the asset management arm of Prudential Corporation Asia, today announced plans to enter the Indonesian market following the granting of an Asset Management Company (AMC) licence from Bapepam LK.
"Indonesia has shown impressive economic growth and stability during the past several years and we believe now is the right time for us to establish asset management operations in this fast growing market," said Mr Barry Stowe, Chief Executive, Prudential Corporation Asia, part of Prudential plc.
Prudential is one of the region’s largest insurers and operates the leading life insurance company in Indonesia, PT Prudential Life Assurance. Its Asia asset management business, Eastspring Investments, is Asia’s largest onshore mutual fund manager with total funds under management in excess of US$80 billion.
"Having operated and invested in Indonesia for more than 10 years, Prudential has established a respected and powerful reputation. We will continue to build on this strong foundation with the establishment of our asset management business, Eastspring Investments" Mr Stowe added.
Prudential is one of the largest foreign investors in Indonesia, managing about US$5 billion in assets for both domestic and foreign investors.
Mr Riki Frindos, who has been managing Indonesian investments for Prudential (Eastspring Investments) for more than ten years from its regional hub in Singapore, has been appointed Chief Executive Officer of Eastspring Investments Indonesia.
He has more than 15 years’ experience in the financial services sector and has worked with Eastspring Investment’s Global Asset Allocation investment team since 2002.
Mr Frindos heads a team of investment professionals led by Chief Investment Officer Mr Ari Pitoyo, who has more than 15 years’ investment experience.
Chief Executive of Eastspring Investments Graham Mason said the opening of the Indonesian office would draw on the world-class processes and standards of corporate governance which were the hallmark of Prudential.
"We look forward to working with the Indonesian authorities to help to grow the nation’s mutual funds industry,” Mr Mason said. “The ability of Indonesians to build their wealth as they accumulate savings will be critical to the ongoing prosperity of the nation."
"It is important that Indonesians have access to world class investment expertise they can trust; as one of the largest fund managers in the region with the backing of the financial strength of Prudential, we believe we deliver on that promise," Mr Mason said.
"With its youthful population, high levels of education and recent sovereign rating upgrades, this is an exciting time for Indonesia and we are pleased to be part of the ongoing growth story,' he said.
Mr Frindos said the business would initially focus on developing a robust distribution channel to enable Indonesia investors access to the investment expertise offered by Eastspring Investments. With the granting of the licence, the business will now also develop a range of products to meet the needs of Indonesian investors.
About Eastspring Investments:
Eastspring Investments, part of Prudential Corporation Asia, is Prudential's asset management business in Asia. We are one of Asia’s largest and most successful asset managers, with operations in ten markets, approximately 2000 employees in Asia and about US$80 billion (£50 billion) in assets under management (at 31 December 2011).
We manage funds on behalf of a wide range of retail and institutional investors, including life and pension products sold by Prudential in the UK and across Asia.
We now have investment teams in nine markets, including our regional hub in Singapore. We have a large group of Asia-based investment managers who manage funds across a broad range of asset classes including one of the largest Fixed Income portfolios in Asia, Asia equities (including global emerging market equities) and alternative assets including private equity, property and infrastructure. Our team also includes a specialist Global Asset Allocation team which manages portfolios worldwide from the perspective of the world’s fastest growing region.
About half of our total assets are sourced from third party clients. We are the largest multinational onshore mutual fund manager in the region1.
Recent awards include China Equity A, Greater China Equity A, Indonesia Equity A and Asian Property Securities A funds for outstanding performance over three years at the Edge/Lipper Singapore Fund Awards 2012. In Taiwan, our China Equity Fund A won the 2012 Lipper Funds Awards for outstanding performance over three years.
Eastspring Investments now operates in Japan, Malaysia, Singapore, South Korea, Taiwan, Hong Kong, the United Arab Emirates, Indonesia and Vietnam, and has joint venture operations in India, China and Hong Kong.
In addition to Eastspring Investments, Prudential Corporation Asia (PCA) comprises the life insurance and consumer finance operations of Prudential plc2 in Asia. PCA businesses span 12 markets, covering China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam. Prudential plc is the leading Europe-based life insurer in terms of market coverage and number of top three positions, with more than 360,000 employees and agents across the region serving over 12 million customers.
www.eastspringinvestments.com.
1Source: Korea (KOFIA), India (AMFI), Singapore/Malaysia (Lipper), Japan (ITA), Taiwan (SITCA), China (Wind). Competitors selected based on the largest multi-national players in the following 7 Asian markets: Korea, India, Singapore, Malaysia, Japan, Taiwan, China. 100% FUM accounted for all players, regardless of ownership stake.
2Prudential plc, incorporated and with its principal place of business in England, and its affiliated companies constitute one of the world's leading financial services groups and has been in existence for over 160 years. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America
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