Danantara Takes Over Four State Investment Managers, Plans Merger into Single Entity

Danantara Indonesia, through PT Danantara Asset Management (DAM), has officially taken control of four state-owned investment management companies. The acquisition, marked by the signing of a Share Purchase Agreement (SPA) on 22 July 2026, involves PT Mandiri Manajemen Investasi (MMI), PT BRI Manajemen Investasi (BRI MI), PT BNI Asset Management (BNI AM), and PT PNM Investment Management (PNM IM). The four firms will be merged into a single entity with total assets under management (AUM) exceeding Rp 170 trillion, with Mandiri Manajemen Investasi serving as the surviving entity. “This is a major step to strengthen the national investment management industry. These four companies have strong experience, networks, and capabilities, and collectively manage funds of more than Rp 170 trillion,” a Danantara official stated on Thursday (23/7/2026). The merger process is targeted for completion within one month. Once finalised, the consolidated company will become the largest investment manager in Indonesia, combining the experience, networks, and strengths of each entity to build an institution with greater scale, capability, and competitiveness. The move is part of a streamlining initiative being undertaken by Danantara Indonesia. Hardiyanto Pilia, President Director of PT Mandiri Manajemen Investasi, described the consolidation as a strategic step to build a national investment management institution with stronger scale and governance. He expressed optimism that the industry would become more competitive and bolster investor confidence, both domestically and globally. In the retail segment, the merged company will develop thematic investment products and expand distribution through the networks of state-owned banks under the Himbara association, capitalising on a national investor base that has surpassed 20 million Single Investor Identifications (SID). For the institutional segment, the company will broaden its investor base and strengthen the provision of investment solutions for various domestic institutions. Arief Budiman, President Director of BRI Manajemen Investasi, which managed Rp 52.61 trillion as of June 2026, said the merger would accelerate market penetration. “With the strength of distribution networks and a growing retail investor base, this merger will expand public access to trusted investment products while accelerating capital market deepening,” he said. Ari Adil, President Director of BNI Asset Management, noted that the firm’s Rp 29.59 trillion AUM would enhance the consolidated company’s capabilities through synergies in investment expertise, product innovation, and governance. Ade Santoso Djajanegara, President Director of PNM Investment Management, added that the firm’s experience in inclusive investment with an AUM of Rp 10.31 trillion would complement the new entity’s strengths, calling the collaboration an important step to build an investment manager that is not only stronger commercially but also capable of broadening economic benefits and driving more sustainable growth.