Danareksa, Trimegah, BRI teaming up

Tue, 05/06/2008 9:40 AM  |  Business

JAKARTA: PT Danareksa Investment Management and PT Trimegah Securities on Monday signed an agreement with state-owned PT Bank Rakyat Indonesia (BRI) to sell various mutual funds.

Danareksa is Indonesia's biggest state-owned investment bank and biggest debt underwriter, advising on Rp 5.3 trillion (US$573 million) of debt sales last year.

"Through our 5,000 branch offices and our newly developed BRI prioritas service, we are honored that Danareksa and Trimegah have chosen us as partners to sell mutual funds," BRI Financial Director Abdul Salam said.

This year, BRI expects to sell Rp 100 billion ($10 million) worth of mutual funds for its five partners, which include ABN Amro, Kresna Securities and another, undisclosed, securities company the bank hopes to sign with this month.

The target is up from last year's sales of Rp 70 billion.

BRI's investment products include mutual funds, state retail obligation bonds and pension funds. -- JP

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