Deutsche Bank will provide custody and fund administration services to PT Indo Premier Investment Management for its newly launched stock-based exchange-traded fund, Premier ETF SMinfra18 Mutual Fund.
The bank already provides the same services to Indo Premier Investment Management for two other ETFs.
Established in 2003, Indo Premier Investment Management is a subsidiary of Indonesia-based Indo Premier Securities. This ETF is the firm's fifth, and it is set up in cooperation with PT Sarana Multi Infrastruktur (Persero) as the owner of the SMinfra18 Index. The SMinfra18 Index is a collection of 18 stocks selected from the infrastructure sector.
John Item, president director of Indo Premier Investment Management, said that the firm chose to have an infrastructure focus for this ETF due to the significant need for infrastructure construction in Indonesia.
Deutsche Bank is the largest custodian in Indonesia by assets under custody and the largest domestic fund services provider in the Indonesian market.
