Citigroup sells off their asset management business in Indonesia

Citigroup sells off their asset management business in Indonesia

Citigroup Inc. has said that they have sold their asset management business in Indonesia. This unit of the company has been sold to the local arm of Fortis Investment thought they have declined to reveal the financial details of this deal.

The company added that the deal is part of their global effort to put more focus on providing access to good investment products rather than controlling asset management.

Frederik Wattimena, president director of Citigroup Securities Indonesia added his views on this deal: “This decision supports our global strategy to focus on expanding access to best-in-class investment products rather than focusing on proprietary asset management products.”

Steward Edgar, president commissioner of PT Fortis Investment said in a statement on this acquisition: “The (deal) is underlying our commitment to strengthen our position in the asset management industry.”