UOB Plants Flag in Indonesia by Buying PG Asset Management
Posted on 09/04/2019
UOB Asset Management (UOBAM), a wholly-owned subsidiary of UOB Group, purchased a 75% ownership stake in Jakarta-based PT PG Asset Management. Incorporated in December 2011, PG Asset Management has investment products such as mutual funds across equity, debt and money market securities. Its products and services are available to both retail and institutional investors. Multikem Suplindo, the other shareholder of PG Asset Management, is wholly-owned by Indonesian venture capital fund Celebes Capital.
UOB Asset Management sees growth opportunities in Southeast Asia and wants to expand more into Indonesia. Indonesia’s asset management industry is driven by its economic development.