JAKARTA – PT Danantara Asset Management (DAM) has officially acquired four state-owned asset management companies with approximately IDR 170 trillion in assets under management (AUM).

The consolidation is part of Danantara's efforts to strengthen Indonesia's asset management industry while creating the country's largest asset management company.

According to a Danantara Indonesia press release, DAM signed Share Purchase Agreements (SPAs) to acquire PT Mandiri Manajemen Investasi (MMI), PT BRI Manajemen Investasi (BRI MI), PT PNM Investment Management (PNM IM), and PT BNI Asset Management (BNI AM) on Tuesday (22/7).

The signing marked the transfer of control of all four companies to DAM.

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The four firms manage around IDR 170 trillion (USD 9.5 billion) in assets under management. Within about one month, they will be merged into a single entity as part of Danantara's state-owned enterprise restructuring program.

Danantara Chief Operating Officer Dony Oskaria said the consolidation would create a stronger asset management company.

He said the move is expected to support the development of Indonesia's capital market while strengthening the country's asset management industry.

He added that the consolidation would combine the four firms' investment expertise, distribution networks, and investor bases into a single platform with stronger governance.

The acquisition marks Danantara's latest step in consolidating the management of state-owned assets under one umbrella. The policy aligns with President Prabowo Subianto's agenda to streamline the structure of state-owned enterprises.

Since Prabowo took office, the government has targeted consolidating around 1,000 SOEs into roughly 200 entities under Danantara's management.

The initiative aims to improve governance, reduce overlapping business operations, and strengthen the management of the country's strategic assets.

Danantara Indonesia was established in February 2025 as a state investment agency reporting directly to the president.

The consolidation of the four asset managers comes as Indonesia's investor base continues to grow. As of May 2026, the number of investor accounts had reached around 27 million, expanding the potential market for mutual funds and other investment products.

Through the merged company, Danantara plans to broaden access to investment products for both retail and institutional investors.

For retail investors, the company plans to develop thematic investment products and leverage the distribution networks of state-owned banks to reach a broader investor base. (ARF/ZH)

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