Aberdeen Asset Management is set to gain its first base in Indonesia with the purchase of an 80 per cent stake in Jakarta-based PT NISP Asset Management.

Aberdeen Asset Management is set to gain its first base in Indonesia with the purchase of an 80 per cent stake in PT NISP Asset Management from the Jakarta-based money manager's parent, PT NISP Sekuritas.

A statement from the firm has not revealed the terms of the deal, but said that Aberdeen's Singapore-based Asia-Pacific headquarters, Aberdeen Asset Management Asia Ltd., will acquire the stake in NISP Asset Management subject to approval from regulators and NISP Asset Management's shareholders.

Following the acquisition, the company will be rebranded as “Aberdeen” in due course, the statement said.

The move adds to Aberdeen’s already strong presence in Asia, which in addition to its Singapore headquarters, includes offices in Bangkok, Hong Kong, Kuala Lumpur, Sydney, Taipei and Tokyo, as well as representation in Shanghai and Seoul.

The statement also noted that NISP Asset Management currently manages roughly $300 million in assets on behalf of institutional, corporate and retail clients in Indonesia. This will be added to the $2.8 billion, which Aberdeen currently has invested in Indonesian equities on behalf of clients globally.

The firm's total assets under management at the end of January stood at $320.6 billion.