Korea Firm Turns to Indonesia
Saeromi Shin & Berni Moestafa | February 09, 2012
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Mirae Asset Global Investments, South Korea’s second-biggest money manager, agreed to buy the asset-management unit of Indonesia’s NISP Sekuritas, seeking to tap rising affluence in the Southeast Asian nation.
Mirae Asset Global signed a contract to buy 70 percent of NISP Asset Management for $24.5 million, the first acquisition of an Indonesian firm by a South Korean money manager, the Seoul-based company said on Thursday.
NISP Asset ranks 12th in Indonesia in terms of net asset value among 60 asset management firms, Mirae said.
Indonesia’s economy expanded last year at the fastest pace since before the Asian financial crisis as rising investment and domestic spending countered a slowdown in export demand due to Europe’s debt crisis.
“The purchase marks our expansion into Indonesia, the world’s fourth-most populous nation with ample natural resources,” Mirae Asset said. “This also will give us a stronghold for entry into Southeast Asia that has a strong growth potential.”
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