Manulife buying the Indonesian business of Schroder Investment Management

Manulife Financial Corp. has signed a deal to buy the Indonesian business of Schroder Investment Management Ltd.

Financial terms of the agreement were not disclosed.

Under the deal, PT Manulife Aset Manajemen Indonesia will acquire PT Schroder Investment Management Indonesia.

Manulife said the acquisition reflects its long-term commitment to the Indonesian market.

The companies said Schroders Indonesia is the fifth-largest asset manager in Indonesia and the largest independent asset management platform in the country.

The deal is subject to closing conditions, including regulatory approval.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.