Danantara Takes Over Four State Investment Managers, Plans Merger into Single Entity
JAKARTA - Danantara Indonesia, through PT Danantara Asset Management (DAM), has officially taken control of four investment management companies owned by state-owned enterprises (SOEs).
The four companies 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).
The takeover was marked by the signing of a Share Purchase Agreement (SPA) on 22 July 2026.
The four companies will be merged into a single entity with total assets under management (AUM) of more than Rp 170 trillion. Mandiri Manajemen Investasi will serve as the surviving entity in the merger process.
“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 exceeding Rp 170 trillion,” said Dony in an official statement on Thursday (23 July 2026).
Dony said the merger process is targeted for completion within the next month.
Once the merger is complete, the consolidated company will become the largest investment manager in Indonesia.
The new company will combine the experience, networks, and strengths of each entity to build an institution with greater scale, capability, and competitiveness.
“This process is part of the streamlining currently being carried out by Danantara Indonesia,” said Dony.
President Director of PT Mandiri Manajemen Investasi, Hardiyanto Pilia, said the consolidation is a strategic step to build a national investment management institution with stronger scale and governance.
“With this foundation, we are optimistic that Indonesia’s investment management industry will become more competitive and able to strengthen investor confidence, both domestically and globally,” he said.
In the retail segment, the consolidated company will develop a range of thematic investment products. Product distribution will also be expanded through the network of banks under the Association of State-Owned Banks (Himbara).
This step comes as the number of national Single Investor Identification (SID) holders has surpassed 20 million investors.
In the institutional segment, the company will broaden its investor base while strengthening the provision of investment solutions for various domestic institutions.
President Director of PT BRI Manajemen Investasi, Arief Budiman, said the merger provides momentum to deepen retail market penetration. As of June 2026, BRI MI managed funds amounting to Rp 52.61 trillion.
“With the strength of our distribution network and a continuously growing retail investor base, this merger will expand public access to trusted investment products while accelerating the deepening of the capital market,” said Arief.
President Director of PT BNI Asset Management, Ari Adil, said BNI AM, which has an AUM of Rp 29.59 trillion, will strengthen the consolidated company’s capabilities through synergies in investment expertise, product innovation, and improved governance.
“We are optimistic that this merger will strengthen national investment management capacity through synergies in investment expertise, product innovation, stronger governance, and a more solid and competitive business scale,” he said.
President Director of PT PNM Investment Management, Ade Santoso Djajanegara, said PNM IM’s experience in developing inclusive investment, with an AUM of Rp 10.31 trillion, will complement the strengths of the new company.
“This collaboration is an important step towards building an investment management institution that is not only stronger in business terms, but also capable of broadening economic benefits and driving more sustainable growth,” he concluded.