Schroder launches 2 mutual funds

JAKARTA (JP): PT Schroder Investment Management (SIM) Indonesia launched yesterday two open-end mutual funds -- Schroder-Panin Dana Mantap and Schroder-Panin Dana Prestasi -- to raise public funds.

The company said the first fund would be a fixed income fund expecting lower risk and stable returns while the latter one would be a balanced fund with a focus on equities.

PT SIM Indonesia is 85 percent owned by Schroders Indonesia and 15 percent by Panin Sekuritas.

The company manages about Rp 500 billion (US$208.33 million) in funds from Indonesia and overseas.

To better segregate its investment management business in Indonesia, PT SIM Indonesia took over the business of the investment division of Schroders Indonesia in May this year.

PT SIM Indonesia was set up to pursue new investment opportunities in the growing investment management industry in Indonesia, the company said.

The investment company is chaired by Pek Swan Teo Layanto, who was previously PT Schroders Indonesia's investment director.

PT Schroders Indonesia also appointed a new president, Elsie Choo, to replace Bill Foo. Elsie Choo was previously senior director, financial division of Schroders International Merchant Bankers Ltd in Singapore.

In a later development, Panin Sekuritas which has 15 percent of PT SIM Indonesia, launched two open-end mutual funds -- Panin Dana Optima and Panin Dana Maksima -- in April this year.

Panin's Optima offered about one billion trust units and aimed to collect Rp 1 trillion (US$420.16 million) from the public. About 85 percent of the funds would be invested in fixed income instruments and about 15 percent in equities.

Maxima offered about 300,000,000 trust units and aimed to collect about Rp 300 billion from the public with a target of 75 percent to be invested in equities and the rest in the money market. (aly)