Maybank Asset Management, the wholly-owned subsidiary of Malaysia's Maybank Group, has expanded its Indonesian operations with the acquisition of a local firm.

The takeover of 99 per cent of PT GMT Aset Managemen, headquartered in Jakarta, follows the group's initiative to place its asset management businesses under one roof. These are composed of Maybank Asset Management and Maybank Private Equity in Malaysia, Maybank Asset Management in Singapore and Maybank Asset Management in Thailand.

Under Indonesian law, foreign firms may hold up to 99 per cent in a local securities company. For regulatory compliance, the existing major sharehodler, PT Kapital Asia, shall continue to hold the remaining 1 per cent equity stake. The acquisition is not expected to affect the firm's earnings results for the current financial year.