Aberdeen Asset Management Asia’s acquisition of 80 per cent of the share capital of Indonesia’s PT NISP Asset Management (NISPAM) from NISP Sekuritas, announced last February, has been approved by the Indonesian Securities regulator Otoritas Jasa Keuangan.

Aberdeen Asset Management Asia’s acquisition of 80 per cent of the share capital of Indonesia’s PT NISP Asset Management (NISPAM) from NISP Sekuritas, announced last February, has been approved by the Indonesian Securities regulator Otoritas Jasa Keuangan.

The OJK’s approval last week follows approval by AAMAL’s home regulator, the Monetary Authority of Singapore. Receipt of these regulatory approvals now paves the way for a formal change of control, which is expected to take place in November, Aberdeen said in a statement yesterday.

Following change of control, an application will be made to change NISPAM’s name to PT Aberdeen Asset Management.  Applications to change the names of the funds currently managed by NISPAM will be made soon thereafter.

“The integration of the company onto Aberdeen’s global operating platform has started. The OJK’s approval now puts this into motion formally. As part of the integration, we plan to add to the existing team, move to new offices and re-brand in the coming months. Altogether, progress has been good and we are excited about our future as part of the Aberdeen Group,” Sigit Wiryadi, who heads NISPAM and will continue in his role after Aberdeen’s acquisition, said.