Indonesian sovereign wealth fund Danantara has bought four state-owned asset management firms for 2.7 trillion rupiah (US$150 million) and merged them into the largest in the Southeast Asian nation.
The firms are PNM Investment Management, BNI Asset Management, Mandiri Manajemen Investasi, and BRI Manajemen Investasi.
Based on publicly available figures, they managed132.09 trillion rupiah of combined assets as of end-February.
“The move is aimed at improving governance and efficiency,” Danantara says in a statement on July 7. “Through the merger, Danantara will have Indonesia’s biggest asset management firm that can integrate asset portfolios, improve capability and management.”
