Stockbit and Fullerton Launch Investment Management Company Grow Investments
It is a joint venture company established after the acquisition of Ayers Asia in May 2023
PT Stockbit Investa Bersama (Stockbit) and Fullerton Fund Management Company Ltd (Fullerton) inaugurated a joint venture company PT Grow Investments Indonesia (Grow Investments). This step is a follow-up after the acquisition investment management company PT Ayers Asia Asset Management (Ayers Asia) which was announced at the end of May 2023 until finallyrebrand with a new name.
Grow Investments is led by Yewny Wongso as President Director, who has experience in the world of investment managers for more than 20 years in Indonesia, Singapore and the United States. He has managed various managed funds, incl offshore funds the largest in Indonesia when he worked at Fullerton. It is believed that his experience and understanding will strengthen him in carrying out his role at Grow Investments.
Quoting from the OJK website, Stockbit owns the majority stake in Grow Investments by 51% and Fullerton owns the remainder, with an authorized capital of IDR 32 billion.
"By maximizing Stockbit's digital approach, deep understanding of market local, and Fullerton's award-winning global investment capabilities, Grow Investments will focus on creation return positive long-term investment and taking into account risks, so that it can help investors grow their assets," said Yewny during the inauguration of Grow Investments in Jakarta, Tuesday (8/8).
He added that the name "Grow Investments" philosophically reflects the company's aspiration to help its clients develop their investments and grow with them.
Currently, the Grow Investments product has not been officially released and how is the difference between Seeds and Stockbit. Yewny only said that the company plans to offer profitable investment solutions amid promising growth potential at various levels.
The company description explains that Grow Investments will create and distribute quality investment solutions to a variety of investors, such as retail, private wealth, and institutions.
"With the economic growth that Indonesia is experiencing today, the needs of individual and institutional investors are also becoming more complex. [..] In doing this, we offer different and diversified solutions by combining global expertise and understanding will market local to bridge gap which exist in market."
With a productive age population of more than 190 million people, Indonesia is one of the most dynamic markets in Southeast Asia. This is believed to drive demand for financial products and services. Wealth management landscape (wealth management) in Indonesia has also changed significantly in the last four years.
In 2018, the volume of mutual fund transactions was only around one million transactions, while in 2022 the figure reached 29,4 million transactions. This rapid growth is partly due to the role of technology in making investment more accessible, also driven by increasing welfare and demand from investors.
Although the number of investors in Indonesia increased by 38%. year-on-year in 2022, only 4% of the total population has invested in the capital market, still lower than Singapore and Malaysia, with figures reaching more than 25% and 9%.