DAM Takes Over Four State-Owned Investment Managers with Rp170 Trillion in AUM

Jakarta, July 23, 2026 – PT Danantara Asset Management (“DAM”) officially signed a Share Purchase Agreement (“SPA”) for shares in PT Mandiri Manajemen Investasi (“MMI”), PT BRI Manajemen Investasi (“BRI MI”), PT BNI Asset Management (“BNI AM”), and PT PNM Investment Management (“PNM IM”) on July 22, 2026.

The signing marked the transfer of control of four state-owned investment management companies to DAM. This strategic move is part of DAM’s commitment to strengthening the foundation of the national investment management industry so that it becomes more competitive and capable of competing on the global stage.

Collectively, these four companies reported assets under management (“AUM”) of more than Rp170 trillion as of June 2026. The scale of these assets under management—supported by each company’s experience, distribution network, investment capabilities, and investor base—is a key strength for expanding public access to investment products while enhancing the competitiveness of Indonesia’s investment management industry.

Dony Oskaria, Chief Operating Officer of Danantara Indonesia, said that the acquisition of control over these four companies is not merely a stock purchase transaction, but a major step toward building new strength in the national investment management industry.

“This is a major step toward strengthening the national investment management industry. These four companies possess extensive experience, strong networks, and robust capabilities, and collectively manage more than Rp170 trillion in assets. Danantara Indonesia will ensure that all of these strengths are channeled through improved strategies and governance so that the industry can grow stronger, become more competitive, and deliver greater added value to the Indonesian economy. 

“Over the next month, these four asset management firms will merge to form the largest asset management company in Indonesia. This process is part of the streamlining efforts currently being undertaken by Danantara Indonesia,” said Dony.

With an integrated business model, the consolidated company will expand investment access for both retail and institutional investors, while offering increasingly competitive investment solutions to meet the needs of an ever-evolving market.

In line with this strategic direction, the consolidated company will combine the strengths, experience, and competitive advantages of each investment management firm to build an institution with greater scale, capabilities, and competitiveness.

Hardiyanto Pilia, President Director of PT Mandiri Manajemen Investasi, stated that this foundation serves as a crucial asset for the new entity to grow into one of Indonesia’s leading investment management firms.

“This consolidation is a strategic step toward building a national investment management institution with greater scale, capabilities, and stronger governance. Building on this foundation, we are optimistic that Indonesia’s investment management industry will become increasingly competitive and able to strengthen investor confidence, both domestically and globally.”

In the retail segment, the consolidated company will develop thematic investment products and expand investment access through the Himbara bank network, in line with the growth in the number of national Single Investor Identification (“SID”) accounts, which has surpassed 20 million investors.

Meanwhile, in the institutional segment, the company will strengthen its investment management capabilities by expanding its investor base and providing more comprehensive investment solutions for various domestic institutions.

“We see tremendous momentum ahead. With a steadily growing retail investor base and increasingly strong institutional confidence, the synergy among these four entities will make the consolidated company the investment partner of choice for millions of Indonesians,” said Hardiyanto.

Arief Budiman, President Director of PT BRI Manajemen Investasi, described this merger as a strategic opportunity to deepen retail market penetration. As of June 2026, BRI MI reported total AUM of Rp52.61 trillion, with a strong retail customer base serving as a key asset in strengthening the ecosystem of the consolidated company.

“With the strength of its distribution network and its ever-growing retail investor base, this merger will expand public access to reliable investment products while accelerating the deepening of the capital markets.”

Ari Adil, President Director of PT BNI Asset Management, emphasized that BNI AM’s balanced business mix between retail and institutional clients—with AUM totaling Rp29.59 trillion as of June 2026—will be one of the key strengths in bolstering the capabilities of the consolidated company.

“We are optimistic that this merger will strengthen national investment management capacity through synergies in investment expertise, product innovation, improved governance, and a business scale that is increasingly solid and competitive.”

Ade Santoso Djajanegara, CEO of PT PNM Investment Management, emphasized that PNM IM’s experience in developing inclusive investments—with AUM totaling Rp10.31 trillion as of June 2026—will complement the consolidated company’s strengths in expanding access to investment services for the public.

“This collaboration is an important step toward building an investment management firm that is not only stronger from a business perspective but also capable of expanding economic benefits and driving more sustainable growth.”

The signing of this agreement marks an important milestone in strengthening the national investment management industry. Through a phased integration process that prioritizes the principles of prudence, regulatory compliance, and continuity of service for clients and all business partners, DAM is optimistic that it can build a national investment management institution that is increasingly competitive, trustworthy, and capable of becoming one of the key drivers of growth in the Indonesian capital market.