HONG KONG SAR –
Media OutReach – 27 July 2023 – Value Partners Group
(together with its subsidiaries, “Value Partners”, Hong Kong Stock Code: 806.HK)
and Aldiracita Group (Aldiracita Sekuritas together with its subsidiaries, “STAR Asset Management”), a prominent capital markets player in Indonesia, are pleased to announce the formation of a strategic partnership to foster stronger cross-border collaboration to capitalize on and address the fast-growing wealth and asset management needs in Asia. The share purchase agreements were signed on 26 July 2023, and an exchange file ceremony was held during a business luncheon attended by Hong Kong Chief Executive John Lee, who led a high-level Hong Kong delegation visit to ASEAN countries.
The Chief Executive, Mr John Lee (centre), together with Dato’ Seri Cheah Cheng Hye, Co-chairman and Co-CIO of Value Partners (left two), Ms June Wong, CEO of Value Partners (left one), Mr Rudy Utomo, President Director, Aldiracita Sekuritas (right two) and Mrs Reita Farianti, President Director, Star Asset Management (right one)
Under this partnership, “Sensible Asset Management Hong Kong Limited”, a wholly owned subsidiary of Value Partners , will acquire a 29.99% stake in PT Surya Timur Alam Raya Asset Management (STAR Asset Management), the asset management division under PT Aldiracita Sekuritas Indonesia (Aldiracita). Conversely, in Singapore, Aldiracita Global Investment Pte. Ltd. will acquire a 29.99% stake in Value Partners Asset Management Singapore Pte. Ltd.. Concurrently, we have informed our intention and submitted necessary documents to Otoritas Jasa Keuangan (OJK) and the Monetary Authority of Singapore (MAS) to obtain permission and support from the authorities.
The strategic partnership brings together the expertise and capabilities of both firms to offer the Indonesian market more innovative and high-quality investment solutions across different asset classes to help more Indonesian investors to achieve their financial goals. Indonesia is one of the fastest-growing economies in Asia with a young population, and the rising middle class is expected to bring robust demand for increasingly high-quality and sophisticated asset and wealth management services in the country.
The partnership also helps foster closer collaboration between Hong Kong and ASEAN countries and contributes to the healthy development of the region’s wealth and asset management industry.
Value Partners has more than 30 years of value investing experience in Asia, and the company is recognized for its leadership in ESG investments and its international service standards. Meanwhile, STAR Asset Management is widely known by its clients for its local investment expertise and experience and is recognized as the “Fastest Growing Asset Management Company in Indonesia” by the Global Banking and Finance Review Awards. In June 2023, STAR Mutual Funds’ asset under management has achieved growth of 22.3% above the market.
“As part of our growth strategy in Southeast Asia, we are intensifying our commitment and strengthening ties in the region,” said
Mr. Cheah Cheng Hye, Chairman of Value Partners Group, who was part of the Hong Kong delegation visiting Southeast Asia. “ASEAN countries are Hong Kong’s second-largest trading partners with significant economic and investment potential. In particular, Indonesia, with its large population, represents a significant portion of the region’s potential for growth and investment.”
June Wong, CEO of Value Partners Group, further emphasized, “Our alliance with Aldiracita Group is a key milestone in our ongoing efforts to build strategic partnerships that offer measurable benefits to our clients. With both companies joining forces and leveraging each other’s strengths, we are now in a strong position to bring innovative and distinct investment solutions to the dynamic Southeast Asian market. We believe that this collaboration will enable us to tap into new markets and capitalize on the region’s potential for long-term growth and development.”
Rudy Utomo, President Director of Aldiracita and a Committee Chairman of Indonesia Securities Company Association, said, ” Aldiracita Group, through its subsidiary, STAR Asset Management is excited to collaborate with Value Partners to contribute to Indonesia’s economic development and provide investors with access to our diversified range of asset management products. We believe that our shared commitment to delivering exceptional investment solutions and unparalleled client service will drive long-term success for our companies and clients. We are looking forward to all the support from related parties.”
Reita Farianti, CEO of STAR Asset Management, said, “We are thrilled to partner with Value Partners, one of Asia’s leading and most respected asset management firms, to solidify STAR Asset Management’s position in Indonesia’s asset management industry. We aim to capitalize on Indonesia’s rapidly growing economy and burgeoning investment landscape, offering a wide range of innovative mutual fund and investment solutions to local and international investors. In addition, this collaboration ensures that clients in Indonesia receive the same level of personalized attention, tailored solutions, extensive access to the international market, and comprehensive market insights that Value Partners is known for worldwide. We believe that our shared commitment to delivering exceptional investment solutions and unparalleled client service will drive long-term success for our clients.”
Dato’ Seri Cheah Cheng Hye, Co-chairman and Co-CIO of Value Partners (centre), together with Mrs Reita Farianti, President Director, Star Asset Management (left), and Mr Rudy Utomo, President Director, Aldiracita Sekuritas (right)
Value Partners Group and Aldiracita Group are committed to complying with all applicable laws and regulations by Otoritas Jasa Keuangan “OJK” and the Monetary Authority of Singapore “MAS”
The issuer is solely responsible for the content of this announcement.