Indonesia’s Danareksa to Consolidate State Bank Fund Managers in Massive $11.6 Billion Asset Merger

JAKARTA, Investortrust.id — Indonesia is aggressively streamlining its state-owned financial sector, launching a major restructuring of PT Danareksa (Persero) to create a pure-play asset management titan. The move, orchestrated by the State-Owned Enterprises Regulatory Body (BP BUMN) and the Danantara superholding, will see Danareksa shed its multi-sector holding structure to focus exclusively on professional fund management.

This consolidation creates an immediate heavyweight in the Southeast Asian financial landscape. By pooling Rp 185 trillion ($11.63 billion) from state-owned bank fund managers, the government is creating a more competitive, institutionalized investment vehicle that can better optimize state assets and attract global capital.

The Great Spin-Off

The restructuring involves a surgical "spin-off" of all non-core subsidiaries. Units currently under Danareksa—ranging from industrial zones and construction firms to clearing houses—will be offloaded and integrated into their specific sectoral holdings.

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Dony Oskaria, Head of BP BUMN and COO of Danantara—the newly formed sovereign wealth agency—confirmed that the exit from non-core businesses is on a fast track for completion by mid-May. "Danareksa will become an asset management firm. It is returning to its 'khittah' or original purpose," Oskaria stated during a briefing in Jakarta on Thursday.

Himbara Integration

The centerpiece of the new Danareksa is the merger of investment management (MI) units from the Association of State-Owned Banks (Himbara), which includes giants like Bank Mandiri and Bank Rakyat Indonesia (BRI). Once merged, Danareksa will instantly become the second-largest asset management company in the country.

Oskaria emphasized that the firm will no longer operate as a diversified holding company but as a singular, powerful asset manager. "From the results of the merger of those four [MIs], they will become Danareksa," Oskaria explained, adding that the formal announcement of the new consolidated structure is scheduled for May 10, 2026.

Optimizing National Assets

The primary objective of this "new" Danareksa is to manage state assets with a level of professional rigor that matches global private equity and asset management standards. With a massive $11.63 billion AUM starting point, the entity is positioned to play a critical role in the government's broader strategy to maximize returns on public wealth.