Aberdeen Eyes Offshore Islamic Fund in Q1 of 2016

BY :JAKARTA GLOBE

NOVEMBER 20, 2015

Jakarta. Aberdeen Asset Management plans to launch a new Islamic compliant fund to invest in overseas assets in the first quarter of next year, president director Sigit Pratama Wiryadi said on Thursday.

Aberdeen, a local unit of the Scottish fund manager of the same name, will be among the first funds in Indonesia to take advantage of recently loosened Financial Services Authority (OJK) rules allowing local fund managers to include foreign assets in portfolios.

An OJK regulation issued last week announced managers are now permitted to invest between 51 and 100 percent of shariah mutual fund products in overseas securities — from bonds, to stocks and currency.

Bharat Joshi, investment director at Aberdeen, said the fund manager would look for assets in Asia Pacific, the United States and Europe to include in the new fund.

Aberdeen currently manages around Rp 2 trillion ($147 million) of the country's equities and bonds. The fund has previously said it is looking to increase assets fivefold over the next five years.

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