Danantara Takes Over 4 State-Owned Investment Managers, Prepares Giant Holding with Rp 170 Trillion AUM

The national investment manager industry has entered a new phase of consolidation. The Daya Anagata Nusantara Investment Management Agency (Danantara) has officially taken control of four state-owned asset management companies. The takeover was executed through Danantara’s subsidiary, PT Danantara Asset Management (DAM), with the signing of a Share Purchase Agreement (SPA) on Wednesday (22/7). The four investment manager entities that have been taken over are PT Mandiri Manajemen Investasi (MMI), PT BRI Manajemen Investasi (BRI MI), PT BNI Asset Management (BNI AM), and PT PNM Investment Management (PNM IM). This strategic move is part of a streamlining programme for state-owned enterprises in the financial services sector. The consolidation is projected to create the largest asset management giant in Indonesia under the Danareksa ecosystem, with total Assets Under Management (AUM) exceeding Rp 170 trillion. Danantara’s Chief Operating Officer, Dony Oskaria, confirmed that the transaction is designed to build a robust and globally competitive national player. “This is a major step to strengthen the national investment management industry. These four companies possess strong experience, networks, and capabilities,” Dony said in an official statement on Thursday (23/7). Following the signing of the SPA, the merger process for the four entities is targeted for completion by August 2026. Once integration is finalised, the consolidated entity will combine business strengths spanning from retail to institutional investors. The new holding will utilise the distribution networks of Himbara banks to expand the penetration of investment products, targeting the national capital market’s Single Investor Identification (SID) base, which has now surpassed 20 million investors. The consolidated Assets Under Management (bank only) for each entity as of June 2026 includes Mandiri Manajemen Investasi (MMI) at Rp 77.86 trillion (including Mandiri Investment Singapore), BRI Manajemen Investasi (BRI MI) at Rp 52.61 trillion, BNI Asset Management (BNI AM) at Rp 29.59 trillion, and PNM Investment Management (PNM IM) at Rp 10.31 trillion. The integration is expected to drive capital market deepening. Mandiri Manajemen Investasi’s President Director, Hardiyanto Pilia, welcomed the integration as a foundation for creating a large-scale investment management institution with more solid governance. “We see enormous momentum. With a growing base of retail investors and increasingly strong institutional trust, the synergy of these four entities will make the consolidated company a preferred investment partner for millions of Indonesians,” Hardiyanto stated. Similarly, BRI Manajemen Investasi’s President Director, Arief Budiman, assessed that the integrated utilisation of Himbara’s distribution network will not only enlarge the company’s market share but also accelerate financial inclusion and sustainable capital market deepening in Indonesia.