, Indonesia

Mandiri, Citibank target ‘High-Net-Worth’ mutual fund market

Mandiri Manajemen Investasi appointed the local unit of Citibank as the sales agent for two of its mutual fund products.

The two companies inked a deal allowing Citibank to act as the sales agent for Mandiri Investa Equity Movement and Mandiri Investa Pasar Uang.

Mandiri Manajemen Investasi hailed MIEM as one of its top mutual fund products.

“The portfolio of these mutual funds [MIEM] exclusively cover best-ranking stocks deemed as having strong momentum and high values. The returns are targeted at between 15 and 17 percent,” said Mandiri Manajemen Investasi’s president director, Muhammad Hanif, after the signing of the agreement.

Citibank Indonesia’s director for retail investment, Harsya Prasetyo, said the bank would offer the two Mandiri products to its elite Citigold customers.

He said Citibank was targeting to manage Rp 1 trillion ($103 million) under the Mandiri Manajemen Investasi program in 2013.

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