Danantara Asset Manager Acquisition Pushes Indonesia Fund Consolidation

Danantara asset manager acquisition plans are moving ahead as Indonesia’s sovereign wealth fund agreed to buy controlling stakes in four affiliated fund managers for about IDR2.7tr(USD159m).

Through PT Danantara Asset Management, the fund signed deals on April 1 to acquire BRI Manajemen Investasi, Mandiri Manajemen Investasi, BNI Asset Management and PNM Investment Management, according to stock exchange disclosures.

The transactions would give Danantara majority or near-full ownership across the four firms, subject to regulatory approvals and other conditions.

The coordinated Danantara asset manager acquisition effort forms part of a broader push to centralise fund management within the state financial ecosystem, giving the sovereign fund greater scale and a more active role in deploying long-term capital.