Principal assets up 50%

JAKARTA (JP): Pension fund management company PT Principal Indonesia said assets under its management rose 50 percent to Rp 230 billion (US$24.21 million) this year, crediting strong marketing efforts for the increase.

"Our marketing team worked well in raising our market position among pension fund management companies. For the year 2001, we are optimistic we will reach assets growth of 100 percent," Principal president Jeffrey P. Newnam was quoted as saying by Antara on Friday.

Newnam said his company aimed to become the market leader among pension fund management companies in the Indonesian market.

According to him, Principal's revenue rose to Rp 21.6 billion in this first nine months of this year. (bkm)