The Ayers Asia Management team

Indonesia’s digital investment platform Stockbit and Singapore-based investment specialist Fullerton have jointly acquired Ayers Asia Asset Management, a Jakarta-headquartered asset management firm.

With this acquisition, the three firms will collaborate to manufacture and distribute “quality investment solutions” for a broad spectrum of investors across retail, intermediaries and institutions in Indonesia.

Indonesia’s large population and strong growth prospects drive financial product and service demand. Although the number of investors in Indonesia grew by 38 per cent year-on-year in 2022, the asset management market remains underpenetrated when compared to neighbours in the region. Indonesia’s mutual fund’s asset under management is still less than 4.0 per cent of the GDP — far below Malaysia (35.8 per cent), Thailand (30.3 per cent), and India (15.8 per cent).

“We believe Fullerton’s strong track record in delivering quality investment solutions will benefit investors in Indonesia,” said Sigit Kouwagam, CEO and Co-Founder of Stockbit.

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“Fullerton is excited to enter the Indonesian market with Stockbit, a fast-growing fintech player with a prominent brand and deep understanding of the diverse needs of investors in Indonesia. Their ambition to make investment solutions widely accessible complements our commitment to design quality offerings to meet the needs of this rapidly expanding and dynamic market,” said Fullerton Fund Management CEO Jenny Sofian.