Indonesia-based digital investing platform Stockbit Investa Bersama and investment solutions provider Fullerton Fund Management have jointly acquired Ayers Asia Asset Management, an Indonesian asset management firm.

The financial terms of the deal were not disclosed.

Through the partnership, Stockbit and Fullerton expect to meet the wealth management requirements of investors in Indonesia.

Besides, the acquisition of the Jakarta-based asset management firm is expected to help Stockbit and Fullerton to develop and distribute quality investment solutions for a broad spectrum of investors across retail, institutions, and intermediaries.

Established in 2013, Stockbit offers a platform for investors to share stock-investing ideas, news, and information in real time.

The firm also introduced a mutual fund robo-advisory investment app dubbed Bibit in Indonesia in early 2019.

Furthermore, the digital investing platform’s products and services include a wide range of asset classes, including stocks, bonds, and mutual funds.

According to Fullerton, Stockbit’s digital-first approach allows investors to develop portfolios that comply with their risk profile and investment goals in a simple and optimal manner.

Stockbit CEO and co-founder Sigit Kouwagam said: “Stockbit sincerely appreciates the guidance from the Financial Services Authority (OJK) and would like to thank OJK for their continuous support.

“We are delighted to partner with Fullerton, an award-winning fund manager with deep investment expertise and strong focus on risk management.”

Founded in 2003, Fullerton is part of a multi-asset management group Seviora, which was established by Temasek. Singaporean insurer Income Insurance is a minority shareholder of Fullerton.

Fullerton offers investment solutions including equities, fixed income, multi-asset, alternatives, and treasury management, and focuses on investment insights, performance, and risk management.

Fullerton Fund Management CEO Jenny Sofian said: “Fullerton is excited to enter the Indonesian market with Stockbit, a fast-growing fintech player with a prominent brand and deep understanding of the diverse needs of investors in Indonesia.

“Their ambition to making investment solutions widely accessible, complements our commitment to design quality offerings to meet the needs of this rapidly expanding and dynamic market.”