A new mutual fund product could increase CIMB Niaga's assets under management by 20 percent to Rp 5 trillion or US$529 million this year.
The product will be known as the CIMB Niaga Regular Investment Savings Plan + Insurance Benefit or Crisp Plus.
“Currently, the total of AUM in the form of mutual funds in Indonesia is about Rp 170 trillion out of approximately Rp 1,000 trillion of total third party funds are in banks. I think there is still much room to grow for mutual fund products,” said Budiman Tanjung, CIMB Niaga head of preferred, private and wealth management.
“We had approximately 3 million retail customers as of early this year, but only around 10 percent of them invested in mutual funds. We expect to double the number of investors in our mutual funds this year,” he added.
Crisp Plus offers five mutual fund product facilitated by CIMB Principal, including CIMB Principal Dollar Bond, CIMB Principal Income Fund A, CIMB Principal Balanced Growth, CIMB Principal Equity Aggressive and CIMB Principal Islamic Equity Growth Syariah.
The life insurance will be covered by CIMB Sun Life.
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