Indonesian sovereign wealth fund Danantara is buying three asset managers from their state-owned banking parents for over 2.3 trillion rupiah (US$134 million), a move that will create the largest local asset management firm, and the country’s second largest, with more than 125 trillion rupiah of assets.
The wealth fund is paying 1.02 trillion rupiah for Mandiri Manajemen Investasi, 975 billion rupiah for BRI Manajemen Investasi, and 359.6 billion rupiah for BNI Aset Manajemen.
The three banks that own the asset management firms filed the acquisition details in separate statements to the Indonesia Stock Exchange on April 8.
“The acquisition by Danantara aims to create an asset management company with strong competitiveness,” according to the statements that were all identical except for the individual prices.
BRI Manajemen Investasi is owned by Bank Rakyat Indonesia, Mandiri Manajemen by Bank Mandiri, and BNI Aset Manajemen by Bank Negara Indonesia.
The combined assets of the three firms is 62% more than the 77 trillion rupiah managed by Bahana TCW Investment Management, currently Indonesia’s largest local asset management firm.
Manulife Aset Manajemen Indonesia, owned by Canada’s Manulife Investment Management, is the top asset manager in Indonesia, with 124.3 trillion of assets under management as of end-2025. The figure doesn’t include the 53 trillion rupiah managed by Schroders Indonesia, which Manulife Aset Managemen is in the process of buying from the UK’s Schroders Asset Management.
