Mandiri Investasi gets license to sell investments in Singapore

Mandiri Investasi, the asset management arm of Indonesia's Bank Mandiri , said on Wednesday it plans to sell mutual funds in Singapore, Malaysia and Thailand as part of a plan to get 20 percent of assets from outside its home base.

Mandiri Investasi has obtained a license to sell investment products in the city-state and is in the process of registering several funds with the Monetary Authority of Singapore, President-Director Abiprayanto Riyanto said at a media briefing in Singapore.

"We will focus first on Singapore and see what we can learn from the process," he said, adding the firm will then move on to Malaysia and Thailand.

The firm hopes to raise money from investors keen on tapping Indonesia's rapid economic growth through the country's stock and bond markets.

Mandiri Investasi is Indonesia's largest homegrown fund manager with assets under management of $2.1 billion. Almost all the money it manages comes from Indonesian investors, and the firm hopes to grow the non-Indonesian component to 20 percent in five years.Source: Reuters