Riki Frindos, who has been managing Indonesian investments for Prudential, asEastspring Investments, for more than ten years from its regional hub in Singapore, has been appointed chief executive of the venture, Eastspring Investments Indonesia.
Having operated in the country for more than ten years, Prudential Corporation CEO Barry Stowe said he believed “now is the right time” for the company to establish asset management operations in what he described as a “fast growing market”.
Meanwhile, Frindos said the business would initially focus on developing a “robust distribution channel” to enable Indonesia investors access to the investment expertise offered by Eastspring Investments. He added that, having been granted the licence, the business will now also develop a range of products to meet the needs of Indonesian investors.
Prudential is one of the region’s largest insurers and operates the leading life insurance company in Indonesia, PT Prudential Life Assurance. Its Asia asset management business, Eastspring Investments, is Asia’s largest onshore mutual fund manager with total funds under management in excess of US$80bn.
In addition, Prudential is one of the largest foreign investors in Indonesia, managing about US$5bn in assets for both domestic and foreign investors.