Manulife Financial Corp.’s MFC-T wealth and asset management arm said on Wednesday it has signed an agreement to buy U.K. asset manager Schroders’s 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.

Manulife pushes into private lending with deal to buy majority stake in U.S. firm Comvest

Schroders was looking for a buyer for the business in Indonesia, Reut

See Full Page