SINGAPOREHONG KONG, Dec 13 Reuters Schroders is looking to sell its Indonesian business, according to two sources with knowledge of the matter, as the U.K.headquartered global asset manager weighs exiting some subscale markets under its new chief executive.
The plan is fuelled by Schroders39; CEO Richard Oldfield, who took charge last month, looking to trim underperforming units, said one of the sources, in a bid to reboot performance after a string of disappointing earnings.
Share prices of the 224yearold firm are at an 11year low.
We are constantly in discussions with potential partners to ensure we continue to deliver exceptional service and value to our clients, a Schroders Indonesia spokesperson said, adding the company would not comment on specific market speculation.
Schroders has hired advisers, including UBS, to work on a possible sale of the Indonesian unit, said the two sources, as well as a third.
At least four companies, including the asset management arms of HSBC, Allianz and Indonesia39;s BNI or Bank Negara Indonesia are interested, the first two sources added.
All the sources declined to be named as the deal talks are confidential.
UBS and HSBC declined to comment.
Allianz Global Investors said it could not immediately comment.
As part of BNI39;s transformation, we are open to options to strengthen the business group, BNI Corporate Secretary Okki Rushartomo said, declining to comment on the deal itself.
The valuation of the Indonesian unit of…