Danantara to Acquire State Asset Managers, Valued at Rp2.3T

• Danantara acquired four state-owned asset managers worth Rp2.3T to streamline operations and boost competitiveness.

• The merger may redirect investor flows toward private firms, though state-owned clients are expected to favor state-owned managers.

By Emirsyah Kevin Mecca, Attala Sabian Andhika, Maria Ella Risandra Puruhita, Nashwah Putri Az-Zahra

April 10 2026, at 16:30 GMT+7

Indonesia's sovereign wealth fund Danantara is acquiring four state-owned asset management firms, with the combined acquisition valued at Rp2.3 trillion.

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The acquisitions cover PT BRI Manajemen Investasi (BRI MI), PT PNM Investment Management (PNM IM), a BRI subsidiary, PT Mandiri Manajemen Investasi (MMI), and PT BNI Asset Management (BNI AM), and conditional share sale agreements were signed on (04/01). BRI MI was priced at Rp975 billion, MMI at Rp1.02 trillion, BNI AM at Rp359.6 billion, and PNM IM at Rp345 billion.

The parent company of BRI MI described the deal as an affiliated transaction expected to enhance business synergy potential and complement existing capabilities, providing broader and more optimal benefits.

Danantara New Headquarters  | Source: Retno Ayuningrum/detikcom

Ownership stakes differ across each transaction, for BRI MI, Danantara purchased 19.5 million shares, representing 65% of the company. 

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For PNM IM, it acquired 109,999 shares, equating to 99.999% of the firm. For BNI AM, Danantara acquired 39.96 million shares, representing 99.9% of the company. The largest single transaction was the purchase of 1,499 shares of Mandiri Manajemen Investasi from Mandiri Sekuritas, equal to 99.93% ownership. 

All transactions were categorised as affiliated dealings, given that all parties are ultimately controlled by the Republic of Indonesia, and were formally disclosed to the Indonesia Stock Exchange on Thursday (04/02)

Danantara COO, CEO, And CIO Overseeing The Launch of Danantara | Source: MarketBisnis

Danantara CIO Pandu Sjahrir stated that acquiring these investment managers strategically consolidates similar business lines to reduce fragmentation and establish a dominant market leader, aiming to enhance the state-owned sector's competitiveness.

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Head of Research at Infovesta Utama, Wawan Hendrayana, highlighted a potential spillover for private firms. Since many investors cap exposure to a single manager at 10% to 20%, a singular state entity could drive capital toward private firms.

From the private sector's perspective, PT Panin Asset Management addressed the merger, with Director Rudiyanto stating that the impact on the industry should not be significant, though institutional clients could become segmented. However, he noted that state-owned clients will likely prioritize state-owned entities, potentially limiting opportunities for private firms.

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Sources:

IDNfinancials

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