Ashmore Group has opened an office in Indonesia where the local team will target institutional and retail clients, and distribute through the Indonesian bank network.
The group already invests in the country through its range of emerging markets debt, equity and special situations funds.
Mark Coombs, chief executive officer of Ashmore Group, says: “Opening this subsidiary is part of Ashmore’s strategy to build a local presence in key emerging markets.”
Ashmore Indonesia launched two funds in February this year, the Ashmore Dana Ekuitas Nusantara and the Ashmore Dana Progresif Nusantara.
Both funds invest in domestic equity securities traded on the Indonesia Stock Exchange, but the latter focuses on small cap companies with a market capitalisation of up to $3 billion (€2.3 billion).
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