Danantara Merges Four State Asset Managers to Create Indonesia's Investment Powerhouse

JAKARTA, Investortrust.id — Indonesia's sovereign investment agency Danantara is consolidating four state-owned asset management companies into a single platform in one of its biggest financial sector restructuring moves to date, underscoring the government's push to build a more competitive institutional investment industry.

The merged entity will retain Mandiri Manajemen Investasi (MMI) as the surviving company while absorbing PNM Investment Management, BNI Asset Management, and BRI Manajemen Investasi. The combined firm is expected to become Indonesia's largest asset manager by assets under management (AUM).

The merger marks another major step in President Prabowo Subianto's overhaul of Indonesia's state-owned enterprise ecosystem through Danantara, the country's new sovereign investment platform overseeing government assets.

For investors, a larger and more integrated asset manager could improve investment product development, reduce operational duplication, strengthen governance, and enhance Indonesia's ability to attract both domestic and international institutional capital. The consolidation also signals Danantara's intention to centralize capital management across state-owned financial institutions.

Building a National Asset Management Champion

The decision was approved during a leadership meeting on Tuesday attended by Danantara Chief Executive Officer Rosan Roeslani, who also serves as Indonesia's Investment and Downstream Minister; Chief Operating Officer Dony Oskaria, who also heads the State-Owned Enterprises Management Agency; and Chief Investment Officer Pandu Sjahrir.

According to Dony, the consolidation forms part of Danantara's broader effort to transform how state assets are managed.

"This step aims to strengthen the transformation of state asset management," Dony said in an official statement on Tuesday.

He said the merger would create Indonesia's largest asset management company, capable of integrating investment portfolios, strengthening governance standards, improving operational efficiency, and increasing the country's attractiveness to investors.

Rather than viewing the merger as merely a corporate restructuring exercise, Dony emphasized that the ultimate objective is maximizing the productivity of state-owned assets.

"Streamlining is not the final goal. The most important thing is ensuring that state-owned assets are managed more optimally, more productively, and truly create added value for the country," he said.

He added that stronger asset productivity would help reinforce investor confidence while contributing more significantly to Indonesia's long-term economic growth.

Part of Broader State-Owned Enterprise Reform

The consolidation aligns with Danantara's wider restructuring agenda across Indonesia's state-owned enterprise (SOE) sector, where overlapping subsidiaries are being combined to improve efficiency and capital deployment.

Indonesia has increasingly relied on Danantara to oversee strategic state assets and accelerate reforms aimed at creating larger, globally competitive national champions across industries ranging from banking and logistics to infrastructure and investment management.

The Companies Being Combined

The four firms being merged all originate from Indonesia's largest state-owned banking groups.

PNM Investment Management is a subsidiary of PT Permodalan Nasional Madani (PNM), which has operated under PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) since the formation of Indonesia's Ultra Micro Holding in 2021.

Mandiri Manajemen Investasi is the investment management arm of PT Bank Mandiri (Persero) Tbk (BMRI).

BRI Manajemen Investasi, formerly known as Danareksa Investment Management before being acquired by BRI, is also owned by Bank Rakyat Indonesia.

Meanwhile, BNI Asset Management operates under PT Bank Negara Indonesia (Persero) Tbk (BBNI).