Danantara Acquires Three State-Owned Investment Management Companies Worth Rp2.3 Trillion
Indonesia’s Investment Management Agency (BPI) Danantara, the government’s sovereign wealth fund, has taken over three asset management companies owned by national banks. This corporate action aims to create a competitive asset management entity in the domestic and regional markets, as reported on 5 April 2026.
The three companies are PT BRI Manajemen Investasi (BRI MI), PT Mandiri Manajemen Investasi (MMI), and PT BNI Asset Management (BNI AM). Danantara, through its subsidiary PT Danantara Asset Management, is reported to merge these three entities into a single unified company.
The total acquisition value of the three asset management companies amounts to Rp2.3 trillion. The breakdown is Rp975 billion for BRI MI, Rp1.02 trillion for MMI, and Rp359.6 billion for BNI AM.
The signing of the Conditional Sale and Purchase Agreement (PPJB) as the majority shareholder in these three companies took place on 1 April 2026. The parent companies of each entity stated that this affiliated transaction is expected to strengthen business synergies and complement existing capabilities.
PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), the parent company of BRI MI, explained that this step is part of efforts to enhance synergies and consolidate the investment management business within the state-owned enterprise ecosystem. According to BRI’s Corporate Secretary, Dhanny, the transaction process has considered applicable governance and regulations.
BRI has sold 19.5 million shares, equivalent to 65 per cent ownership in BRI MI, to Danantara Asset Management for Rp975 billion. BRI MI focuses on managing securities portfolios and collective investments. Prior to the transaction, BRI and PT Danareksa (Persero) held 65 per cent and 35 per cent shares respectively in the entity.
Additionally, BRI’s subsidiary, PT Permodalan Nasional Madani (PNM), released 109,999 shares or 99.99 per cent ownership in PT PNM Investment Management (PNM IM) to Danantara Asset Management for Rp345 billion. PNM IM is an investment manager that handles securities portfolios and provides investment advice.
Prior to this transaction, PNM was the majority shareholder in PNM IM. Independent valuations indicate a market value of Rp969.3 billion for BRI MI shares and Rp342.6 billion for PNM IM, ensuring the transaction price is in the fair category.
Purposes of Consolidation and Future Prospects
This acquisition aligns with Danantara’s plan to merge the businesses of these three red-plate asset management companies into a single entity with strong competitiveness, both domestically and regionally. The new structure is expected to strengthen asset management and increase efficiency in developing investment businesses within the state-owned enterprise environment.
Danantara Asset Management, as the operational holding under BPI Danantara, will manage investment portfolios in an integrated manner. However, there has been no official confirmation from Danantara regarding the business merger plan, as cited from a Bloomberg report.
All entities involved in this transaction are under the control of the Republic of Indonesia, thus categorised as an affiliated transaction. The company ensures that this transaction has no conflict of interest and has undergone a fairness review by an independent appraiser.