Banks are pinning their hopes on the wealth-management business this year as an easing political and economic scene provides high-income earners with more confidence about investing in local financial instruments. Ivan Jaya of Commonwealth Bank’s wealth management and client growth division said the stellar growth of mutual funds in recent years had persuaded the bank to pursue the mutual fund business with greater vigor. To support its expansion in the mutual fund industry Commonwealth Bank signed a business deal with Sucor Asset Management in Jakarta on Thursday to sell the latter’s new mutual fund product. Financial Services Authority (OJK) data revealed that the investment in mutual funds doubled from Rp 272 trillion (US$19.13 billion) in 2016 to Rp 507 trillion in May this year. In line with the growth, Sucorinvest Equity Fund, one of the mutual funds managed by...

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