Manulife asset and wealth arm reaches deal to acquire Schroders' Indonesia business

HONG KONG :Manulife Financial Corp's wealth and asset management arm said on Wednesday it has signed an agreement to buy UK asset manager Schroders' business in Indonesia.

PT Manulife Aset Manajemen Indonesia, the Canadian financial group's local unit, will acquire PT Schroder Investment Management Indonesia, pending regulatory approval and fulfilment of other conditions, according to a joint statement by Manulife and Schroders.

Until the acquisition is completed, both firms will continue to operate independently and maintain full regulatory compliance, they said. Financial details of the acquisition were not immediately known.

Schroders was looking for a buyer for the business in Indonesia, Reuters reported last year citing sources with knowledge of the matter.

The fund manager's local unit managed 56 trillion Indonesian rupiahs ($3.36 billion) worth of assets as of end-June, according to the statement.

($1 = 16,670.0000 rupiah)