UOB Asset Management completes acquisition of PGAM stake

Singapore UOB bank branchSingapore UOB bank branch

UOB Asset Management said Wednesday it completed the acquisition of a 75 percent stake in Indonesia-based PT PG Asset Management (PGAM), expanding its regional network an eighth Asian market.

PGAM, which is based in Jakarta and has a branch in Surabaya, offers mutual funds for equity, debt and money-market securities and serves both retail and institutional investors, UOBAM said in a statement.

“We see immense potential in Indonesia’s asset management industry, driven by its economic development, increasing affluence and rising demand from individuals and institutions for investment solutions to protect and to grow their assets,” Thio Boon Kiat, CEO of UOBAM, said in the statement.

“Through our expansion into Indonesia, we will be able to offer our wide range of solutions and services to meet the needs of local investors. This acquisition in Indonesia also gives us the opportunity to participate in the growth of ASEAN’s largest economy, which will in turn drive our business growth,” Thio said.

UOBAM said it plans to offer local investors services including Islamic investments, smart beta — or investments outside conventional indexes — and multi-asset strategies.

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