Aberdeen Standard Investments will shut down its money management unit in Indonesia, PT Aberdeen Standard Investments Indonesia, by the middle of the year, a spokeswoman confirmed Monday.
The decision is part of the firm's broader plan "to reconfigure our global operations around our growth strategy," she said in an email.
Stephen Bird, who took the helm at parent company Standard Life Aberdeen on Sept. 1, in a webinar last month said the money management business will focus on opportunities in North Asia, Greater China and the Association of Southeast Asian Nations, and in doing so "we can concentrate our firepower in fewer hubs."
The spokeswoman said the firm expects to close its Indonesian business by mid-2021 while ensuring that employees and customers alike are treated fairly.
"We intend to close seven locally domiciled open-ended funds and liquidate or transfer three capital protected funds ... in accordance with the global regulations and taking into account the best interests of our clients," said the spokeswoman, who declined to give details on the size of the funds.
Aberdeen Asset Management Asia, ahead of its parent company's merger with Standard Life in August 2017, acquired an 80% stake in NISP Sekuritas' money management arm, PT NISP Asset Management, and the merged entity picked up a further 19% stake in 2018.