Under the agreement, signed in Jakarta on Tuesday, Bank Permata would sell the former's consumer-based equity fund called Reksa Dana Mawar Konsumer 10. "We now have cooperated with 14 banks," Danareksa president director Zulfa Hendri said on Tuesday.

Bank Permata's head of retail liabilities, wealth management and e-channel, Bian Surodjo, said it expected to distribute Reksa Dana Mawar Konsumer 10 at between Rp 250 billion to Rp 500 billion within one year.

Zulfa said Reksa Dana Mawar Konsumer 10 had Rp 1 trillion in asset under management (AUM) as of the end of 2012 and Rp 1.5 trillion as of the end of March. The fund is expected to reach Rp 2 trillion by the year's end.

Danareksa expects to book Rp 18 trillion in total AUM by the year's end, increasing by around 32 percent from Rp 13.6 trillion as of the end of December last year. It booked Rp 13.6 trillion in AUM by the end of April.

Zulfa said the biggest contributor to the increasing AUM would be equity funds.

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