Indonesia’s PT Danantara Asset Management has signed a share purchase agreement (SPA) covering stakes in the four state-owned investment management firms.
The firms include PT Mandiri Manajemen Investasi (MMI), PT BRI Manajemen Investasi (BRI MI), PT BNI Asset Management (BNI AM), and PT PNM Investment Management (PNM IM).
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Taken together, the four companies managed assets under management (AUM) of more than Rp170tn ($9.5bn) as of June 2026.
Through a combined business structure, the merged entity is expected to widen access to investment products for retail and institutional clients, while providing investment options intended to reflect changing market demand.
The combined company will draw on the respective experience and capabilities of the four firms to create a larger institution with broader capacity and stronger market standing.
For retail clients, the company plans to introduce thematic investment products and broaden access through the state-owned bank (Himbara) network, alongside growth in national Single Investor Identification (SID), which has passed 20 million investors.
For institutional clients, the company said it will deepen investment management capacity by enlarging its investor base and offering a wider range of investment services for domestic institutions.
Danantara Indonesia chief operating officer Dony Oskaria said: “This is a major step to strengthen Indonesia’s investment management industry. These four companies have strong experience, networks, and capabilities, and collectively manage more than IDR 170 trillion in assets.
“Danantara Indonesia will ensure that all these strengths are directed through enhanced strategy and governance so that they can be more robust, more competitive, and deliver greater added value to Indonesia’s economy. Within the next month, these four asset management companies will merge into a single entity, becoming the largest in Indonesia. This process is part of the streamlining efforts currently being carried out by Danantara Indonesia.”
