Mandiri Investasi, the asset management unit of Indonesia's Bank Mandiri, is poised to expand beyond the country to tap the overseas market, a report by Channel News Asia reveals.

The asset manager, which caters to high net worth investors, is looking to raise money from investors interested in entering the growing Indonesian market through stocks and bonds. At present, Mandiri Investasi manages around $2.1 billion in assets, the majority of which are from local investors.

According to the news service, the first phase of the company's expansion will be in Singapore, to be followed by Malaysia, Hong Kong, and Thailand. Mandiri already began in Singapore shortly after it received its licence to sell investment products early this year. So far, its operations in the city state is said to have attracted $15 million worth of US investments.

"Three months ago, we started to get appetite from foreign investors... this opened our eyes that Indonesia is now the darling of foreigners. That's why we're trying to broaden our investor base to regional markets, starting with Singapore," Abiprayadi Riyanto, president and director at Mandiri, was quoted as saying.

Besides stocks and bonds, the company also offers money-market funds and mutual funds. Mandiri is reportedly also planning to enter the private equity market soon.