Indonesia is the most populous of any of the ASEAN group economies of Southeast Asia.

Indonesia’s PT Stockbit Investa Bersama, or Stockbit, and Singapore-based Fullerton Fund Management are partnering to address Indonesian investors’ wealth management needs.

Stockbit and Fullerton, have jointly acquired PT Ayers Asia Asset Management, an Indonesian asset management firm based in Jakarta. With this acquisition, they will collaborate to create and distribute quality investment solutions for a wide spectrum of investors across retail, intermediaries and institutions, they said in a statement. 

The partnership brings together a digital investment platform in Stockbit and an established asset management player in Fullerton. 

“We believe Fullerton’s strong track record to deliver quality investment solutions will benefit investors in Indonesia,” Sigit Kouwagam, CEO and co-founder of Stockbit, said.

The firms say Indonesia, while a populous country with strong growth prospects, is “underpenetrated” by asset managers when compared with its neighbours. Indonesia’s mutual fund’s asset under management is still less than 4.0 per cent of gross domestic product, while Malaysia, Thailand and India have ratios of 35.8 per cent, 30.3 per cent and 15.8 per cent of GDP respectively. A report earlier in May by Knight Frank said that Indonesia, along with Singapore and Malaysia, ranked among the top 10 fastest-growing UHNW markets, seeing their wealthy populations expand by 7 to 9 per cent.

Stockbit’s products and services cover asset classes including stocks, bonds and mutual funds.

Indonesia, which is the most populous of any of the ASEAN group economies of Southeast Asia, is home to an estimated 274 million people, as of 2021, according to the World Bank. (The other ASEAN countries are Brunei, Cambodia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.)