Danantara Pushes Asset Manager Merger With $159 Million Deal

Article content(Bloomberg) — Indonesia’s sovereign wealth fund is advancing a plan to combine the asset management units of state-owned lenders in order to boost their regional competitiveness.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentDanantara unit PT Danantara Asset Management signed deals on April 1 to acquire the investment management subsidiaries of PT Bank Mandiri, PT Bank Rakyat Indonesia, PT Bank Negara Indonesia and PT Permodalan Nasional Madani, subject to regulatory approvals, according to stock exchange filings published late Thursday.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentThe wealth fund will acquire stakes for a total of 2.7 trillion rupiah ($158.8 million), as it seeks to create “a champion with strong competitiveness,” according to the filings.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe filings confirm a Bloomberg report from October that Danantara planned to combine the asset management firms it owns, as it aims to build a larger player to compete locally and across the region, according to people familiar with the matter. Article contentBack then, the asset management arms of BRI, Mandiri and BNI had nearly $8 billion in assets under management as of early 2025, according to the latest data available from the banks’ statements.Article contentDanantara representatives didn’t respond to requests for comment.Article contentPresident Prabowo Subianto established Danantara last year in a bid to improve the efficiency of Indonesia’s powerful state-owned enterprises, reinvest the dividends and attract foreign capital into high-impact projects in Southeast Asia’s largest economy. It has injected capital into the nation’s distressed flag carrier and leading steelmaker.Article contentThe wealth initiative is central to Prabowo’s goal of reviving growth in Southeast Asia’s largest economy to levels last seen in the 1990s. Danantara has said its assets are worth about $1 trillion, reflecting holdings of state-owned firms across sectors from energy to banking. That amount would place it among the world’s largest sovereign wealth funds by portfolio size.Article content(Updates with valuation context in 5th paragraph.)Article contentTrending U.S. within 'weeks' of oil shortages if war in Iran continues: Eric Nuttall Oil & Gas CRA denied taxpayer with multiple health issues the disability tax credit Personal Finance U.S. targets Canada’s cloud-computing move as trade irritant Economy The worst is yet to come for fuel prices: FP Video News Why rate watchers shouldn't take the Bank of Canada at its word Mortgages Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. U.S. within 'weeks' of oil shortages if war in Iran continues: Eric Nuttall Oil & Gas CRA denied taxpayer with multiple health issues the disability tax credit Personal Finance U.S. targets Canada’s cloud-computing move as trade irritant Economy The worst is yet to come for fuel prices: FP Video News Why rate watchers shouldn't take the Bank of Canada at its word Mortgages