2494044 - Unable to setup job scheduler Solution manager 7.2 - SAP ASE for BS

When trying to install Solution manager 7.2 with ASE we run into the following issues in the logs:

From the errorLog we see:

•  Error: 840, Severity: 17, State: 2

• Device 'sybmgmtdev' (with physical name 'D:\sybase\<SID>\sybsystem\sybmgmtdb.dat', and virtual device number 4) has not been correctly activated at startup time. Please contact a user with System Administrator (SA) role.

• Unable to proceed with the recovery of dbid <31515> because of previous errors.

From sapinst_dev we can see the following:

• ERROR 2017-06-22 12:15:37.934 (MUMSAP004\testadmin) (startInstallation) [bas/bas/749_REL/bc_749_REL/src/ins/SAPINST/impl/src/sapinst/CInstallerCallBackImpl.cpp:267] id=ind-rel.ind-os.ind-db.assertionFailed errno=CJS-00030

Assertion failed: Unable to set up job scheduler. Refer to trace file sapinst_dev.log for further information.

• ERROR 2017-06-22 12:15:37.934 (MUMSAP004\testadmin) (startInstallation) [bas/bas/749_REL/bc_749_REL/src/ins/SAPINST/impl/src/modlib/iaxxbjsmod.cpp:83] id=modlib.jslib.caughtException errno=MUT-03025

Caught ESAPinstException in module call: Assertion failed: Unable to set up job scheduler. Refer to trace file sapinst_dev.log for further information..

• SAP Adaptive Server Enterprise (ASE) 16.0 for Business Suite
• SAP NetWeaver (NW) - All versions
• SAP Solution Manager 7.2

KBA , BC-DB-SYB , Business Suite on Adaptive Server Enterprise , Problem