‘Just Like BSI’: Danantara to Merge Asset Managers with $157 Million Acquisition
‘Just Like BSI’: Danantara to Merge Asset Managers with $157 Million Acquisition
Jakarta. Sovereign wealth fund Danantara wants to merge the state asset managers into a single entity in a similar fashion to what Indonesia had done to the country’s Islamic banks.
Danantara recently clinched deals to take over the asset management units of state lenders BRI, namely Permodalan Madani Investment Management and BRI Manajemen Investasi. The same goes for BNI Asset Management and Mandiri Manajemen Investasi. The stock exchange filings show that the acquisition deals total roughly Rp 2.7 trillion (around $157 million).
“By acquisition, this means the investment managers will stand alone as one single holding, so they will no longer be under the banks [or previous parent companies]. These managers have grown to be pretty big in size,” Danantara managing director Rohan Hafas told reporters in Jakarta on Thursday.
He then likened the situation to Bank Syariah Indonesia (BSI) when explaining the rationale behind the acquisition. In 2021, Indonesia combined the sharia units of the three major state banks, BNI, Mandiri, and BRI, into one entity. Rohan said that this move had done wonders. BSI’s assets now total nearly Rp 456.2 trillion ($26.7 billion) as of 2025, up from Rp 408.6 trillion (approximately $23.8 billion) the previous year.
“It’s the same as BSI. It can now stand on its own with hundreds of trillions of rupiahs worth of assets. It’s just like humans. When people reach adulthood, they can earn money and no longer depend on their parents,” Rohan said.
“Why combine them into one [holding]? It’s actually because of faster managerial decisions that it can create. The [asset managers] don’t have to consult with the parent companies first.”
Rohan did not disclose more details on the projected assets once the merger takes place. There was also no mention of a timeline. However, the acquisitions will have to secure regulatory approvals.
Since its inception, Danantara has been trying to consolidate at least 1,000 SOEs into roughly 200 to boost efficiency. BRI corporate secretary Dhanny acknowledged that the acquisition was part of the consolidation efforts within Indonesian state-run enterprises.
“This initiative aims to establish an asset manager that is more integrated, adaptive, competitive, and capable of creating economic and social values that align with Indonesia’s long-term agenda,” Dhanny said Friday.
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