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Jakarta Post

Never mind the ‘unruly players’, industry group says after mutual funds default

  • Riska Rahman

    The Jakarta Post

PREMIUM
Jakarta   /   Tue, December 17, 2019   /  10:31 am
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Brokers monitor the Composite Stock Price Index (IHSG) in Jakarta.(JP/Nurhayati)

The Indonesian Association of Mutual Funds Managers (APRDI) has sought to assure investors that the recent default on several products will not cause a systemic impact to the overall mutual fund market. APRDI chairman of the presidium Prihatmo Hari Mulyanto told the press on Dec. 11 that the Financial Services Authority’s (OJK) recent suspension of mutual fund products issued by Narada Asset Manajemen and Minna Padi Aset Manajemen would not cause the mutual funds industry to crumble. “[The OJK] has handled the unruly players well, and there are still a lot of other good fund managers here in the country,” he said during a press conference in Jakarta. Although the APRDI claimed the scandals would not disrupt the mutual funds industry, investors seemed spooked as the latest data from the OJK showed that mutual fund redemption had increased to Rp 65.99 trillion (U...