Jakarta. Indonesian investors have bought close to $2.4 million worth of China equity mutual fund offered by Eastspring Investments Indonesia, one of the country's largest mutual fund managers, in a quest to squeeze extra return amid the Covid-19 pandemic.
Eastspring launched the fund, called Eastspring Syariah Greater China Equity USD, on June 15, the fund manager said in a recent statement.
Eastspring said the Sharia-compliant fund enabled Indonesian to invest in China’s economy, which, according to projection from the World Bank and International Monetary Fund, would be among one of the few countries that could still expand this year amid Covid-19 pandemic.
Also, the fund would allow investors ”to invest in Chinese technology companies such as Tencent, Alibaba Group, JD.com,” Eastspring said, adding that the tech-giants’ stocks were among the fund top holdings.
The fund is available for Standard Chartered Bank Indonesia’s customers until the end of September and will be available to the public to purchase on Oct. 1.
"We are happy with this mutual fund marketing product collaboration, especially with Standard Chartered Bank Indonesia confidence in Eastspring Investments,” Alan J. Tangkas Darmawan, Eastspring Indonesia’s president director, commenting on the company’s partnership with the lender.
Andrew Chia, the chief executive officer of Standard Chartered Bank Indonesia, said the lender was proud to be the agent and custodian for the first fund in Indonesia that provide investors with access to the Greater China region.
Chia also said that the fund fell in line with the lender’s focus on offering new investment options to its customers this year.
Eastspring Indonesia today manages various mutual funds and discretionary funds with total assets under management of more than Rp 74.9 trillion ($5.5 billion) by the end of March.