Danantara seals creation of Indonesia’s biggest asset manager
The merger of four local firms aims to boost the sovereign wealth fund’s regional competitiveness
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[HONG KONG] Indonesia’s sovereign wealth fund Danantara has finalised the merger of four local firms to create the nation’s largest asset manager as it seeks to compete more effectively with financial institutions across the region.
The asset management units of Bank Rakyat Indonesia (BRI), Bank Negara Indonesia (BNI), Bank Mandiri and Permodalan Nasional Madani have been rolled into one company under Mandiri Manajemen Investasi, according to a statement Tuesday (Jul 7) from the state-owned enterprises agency.
Representatives from Danantara did not immediately respond to a request for comment on Wednesday.
Exchange filings from Apr 2 show that Danantara Asset Management, a unit of the sovereign wealth fund, would acquire the stakes of the four units for 2.7 trillion rupiah (US$150 million).
Bloomberg News first broke plans about the merger in October 2025.
As of early 2025, the units of the first three firms – BRI, BNI and Bank Mandiri – had combined assets under management of some US$8 billion.
The merger is part of an effort by Danantara to increase the productivity of Indonesia’s state-owned companies by consolidation and restructuring.
Established in early 2025, the sovereign wealth fund has been funded partially with dividends from state-owned entities to power Indonesian President Prabowo Subianto’s vision to grow and preserve the country’s wealth.
It has said its assets total to around US$1 trillion, reflecting holdings across sectors from energy to banking.
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That amount would place Danantara among the world’s largest sovereign wealth funds. BLOOMBERG
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