The move will create the country’s biggest asset manager. Credit: Akhmad Dody Firmansyah/ Shutterstock.com.

Indonesia’s sovereign wealth fund, Danantara, has finalised the combination of four domestic asset management businesses into a single company, reported Bloomberg.  

The move will create the country’s biggest asset manager and aiming to strengthen its position against regional rivals, the report said.  

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According to a statement from the State-Owned Enterprises Agency, the investment management arms of PT Bank Rakyat Indonesia, PT Bank Negara Indonesia, PT Bank Mandiri and PT Permodalan Nasional Madani have been brought together under Mandiri Manajemen Investasi. 

Representatives of Danantara did not immediately reply to a request for comment.  

Exchange disclosures from April indicated that Danantara would purchase the holdings in the four businesses for Rp2.7tn ($150m). 

Bloomberg News first reported the merger plan last October. 

By early 2025, the asset management operations of BRI, BNI and Bank Mandiri oversaw roughly $8bn in combined assets.  

The transaction forms part of Danantara’s broader push to raise the output of Indonesia’s state-owned companies through consolidation and restructuring. 

Set up in early 2025, the sovereign wealth fund has been financed in part by dividends from state-owned enterprises in support of President Prabowo Subianto’s plan to expand and safeguard national wealth. 

Danantara holds about $1tn in assets, spanning sectors including energy and banking. On that basis, it would rank among the largest sovereign wealth funds globally. 

In a separate industry development in the country, Manulife Wealth & Asset Management recently acquired PT Schroder Investment Management Indonesia (SIMI) through its Indonesian subsidiary PT Manulife Aset Manajemen Indonesia (MAMI). 

MAMI and SIMI will initially continue to run as separate organisations, with existing structures kept in place while systems, operations, and teams are combined gradually under a phased plan.