Indonesia’s Danantara and Ray Dalio have denied that the US billionaire is leaving his role as an adviser to the sovereign wealth fund.
A Bloomberg report on May 28 quoted sources familiar with the matter as saying that Dalio, founder of Bridgewater Associates, the world’s largest hedge fund, has withdrawn as an adviser to Danantara.
Danantara and Dalio issued a joint statement on June 4 saying that the billionaire will remain “an informal, unpaid adviser to both the fund and Indonesian President Prabowo Subianto”.
Danantara says it has drawn on Dalio’s strategic insights to help shape its institutional vision and global positioning since the wealth fund’s inception in February. “His advice has been instrumental in shaping our direction as a sovereign investment institution. We continue to value his guidance in our pursuit of sustainable economic growth.”
According to Dalio, he remains “a strong supporter of Danantara Indonesia’s mission”.
“My commitment to advise its leadership and President Prabowo remains unchanged – informal, voluntary and unpaid,” he says.
Danantara is Prabowo’s main vehicle to achieve his 8% economic growth target within four years by managing shares of state-owned enterprises and reinvesting the dividends in commercial projects. It’s often described as Indonesia’s version of Singapore’s state investment company Temasek Holdings.
The wealth fund’s other advisers include former Thai Prime Minister Thaksin Shinawatra, former UK Prime Minister Tony Blair, and Helman Sitohang, former chief executive officer of Credit Suisse Asia Pacific.
