JAKARTA. Schroders, a global fund management from England, will reportedly close its business in Indonesia after 30 years of operation.

According to an insider quoted by Reuters, Schroders’ plan to close down Indonesia line was initiated by the new CEO, Richard Oldfield. After this management restructuring, Schroders aim to narrow down business units and cut non-performing lines.

“We continue to discuss with potential partners so that we can keep offer extraordinary services and value to our clients,” said the spokesperson for Schroders Indonesia.

Schroders has also assigned UBS as the advisor regarding its plan of business divestment in Indonesia, and is currently looking for potential buyers.

Some sources even mentioned renowned names interested in making the offer, namely HSBC, Allianz, dan PT Bank Negara Indonesia (Persero) Tbk (BBNI).

UBS and HSBC reportedly refuse to comment on the rumour, and Allianz claimed unable to send out immediate response. BNI, however, said that the company is quite open with options to “reinforce” the business.

As of now, the valuation of Schroders Indonesia has yet to be determined. However, it now manages assets worth approximately USD 4 billion, representing 1.6% of total assets in Asia-Pacific. (KR/ZH)