Danantara AM Merges State-Owned Investment Managers: The Impacts
PT Danantara Asset Management has realised its plan to merge investment managers (MI) owned by state-owned enterprises (BUMN). This step aims to form a larger and more competitive asset management entity.
The important announcement regarding this consolidation was made on Thursday, 2 April 2026. PT Bank Rakyat Indonesia Tbk (BRI), PT Bank Mandiri Tbk (BMRI), and PT Bank Negara Indonesia Tbk (BBNI) signed a conditional share purchase agreement for their MI subsidiaries on 1 April 2026.
Head of Research at Infovesta Utama, Wawan Hendrayana, revealed that the discourse on consolidating BUMN MIs has emerged since last year. The target is to control around 20% of the total industry assets under management.
According to Wawan, this merger will bring positive impacts in the form of increased efficiency and profitability for BUMN MIs. However, Wawan also highlighted the potential for internal efficiencies that could reduce job opportunities for talent in the capital markets industry, as quoted from Keuangan.
On the other hand, Wawan assessed that this merger would actually benefit private investment managers. He explained that investors generally have limits on fund placements with certain MIs, such as 10% or 20% of total investments.
With the reduction in the number of competitors from BUMN MIs, Wawan sees potential spillover effects of investment funds to private investment managers.
The transaction details show that BNI, through its subsidiary PT BNI Sekuritas, will sell 39,960,000 shares of PT BNI Asset Management to Danantara. The value of this affiliated transaction reaches Rp359.64 billion.
Meanwhile, BRI is transferring two of its subsidiaries, namely PT BRI Manajemen Investasi and PT PNM Investment Management, with a total value of Rp1.3 trillion. Specifically, PT Permodalan Nasional Madani (PNM), a BRI subsidiary, is selling 109,999 shares of PNM IM worth Rp345 billion.
The transfer of shares in BRI Manajemen Investasi itself is valued at Rp975 billion for 19.5 million shares. Bank Mandiri is also transferring its subsidiary, PT Mandiri Manajemen Investasi, with a value of Rp1.025 trillion.
Based on Infovesta data as of February 2026, the assets under management of BRI Manajemen Investasi reached Rp51.82 trillion. Mandiri Manajemen Investasi has assets under management of Rp45.81 trillion, while BNI Asset Management recorded Rp32.66 trillion.
PNM Investment Management itself has assets under management of Rp4.81 trillion. If accumulated, the total assets under management from all merged entities reach Rp135.1 trillion.
From the private sector, Director of Panin Asset Management, Rudiyanto, opined that the impact of this BUMN MI consolidation on the industry as a whole will not be too significant. He predicts that the institutional client segment will become more segmented.
BUMN clients tend to choose investment managers from fellow BUMNs. This automatically limits private MIs’ access to BUMN clients. As of March 2026, Panin Asset Management recorded assets under management of Rp14.9 trillion.
Rudiyanto added that his company will focus on optimising product performance, expanding marketing networks, improving the quality of marketing personnel, and conducting ongoing education to grow assets under management.