Standard Life Aberdeen to close Indonesian asset management business

JAKARTA, Jan 28 (Reuters) - Standard Life Aberdeen PLC will close its asset management business in Indonesia by mid-2021 as part of a new reconfiguration of global operations, the company said on Thursday.

“The decision to exit the Indonesian market is part of the firm’s broader plan to reconfigure our global operations around our growth strategy,” a spokeswoman for Standard Life Aberdeen said in an email. “This will enable us to focus on our strategic priorities and core markets,” she said.

PT Aberdeen Standard Investments Indonesia intended to close seven locally domiciled open-ended funds and liquidate or transfer three capital protected funds that it currently managed, she said.

The UK asset manager entered the Indonesian market in 2014, when it bought an 80% stake in a local company.

It had 1.4 trillion rupiah ($99.64 million) worth of assets under management as of end-2020, data from online investment portal Bareksa showed.

Indonesia’s Financial Services Authority was aware of Standard Life Aberdeen’s decision, Anto Prabowo, a deputy commissioner told Reuters.

“The decision to exit Indonesia was taken by its main stakeholder,” Anto said in a text message. ($1 = 14,050.0000 rupiah) (Reporting by Fransiska Nangoy and Tabita Diela; Writing by Gayatri Suroyo. Editing by Jane Merriman)