Strengthening Indonesia's Investment Management Industry, DAM Acquires Controlling Stakes in Four State-Owned Investment Managers with Total Assets Under Management of IDR 170 Trillion
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Jakarta, 23 July 2026 - PT Danantara Asset Management ("DAM") officially signed a Share Purchase Agreement ("SPA") for shares in PT Mandiri Manajemen Investasi ("MMI"), PT BRI Manajemen Investasi ("BRI MI"), PT BNI Asset Management ("BNI AM"), and PT PNM Investment Management ("PNM IM") on 22 July 2026.
The signing marks the transfer of control of the four state-owned investment management companies to DAM. This strategic step demonstrates DAM's commitment to strengthening the foundation of Indonesia's investment management industry and enhancing its competitiveness on the global stage.
Collectively, the four companies recorded assets under management ("AUM") of more than IDR 170 trillion as of June 2026. This scale of AUM, supported by the experience, distribution networks, investment capabilities, and investor bases of each company, represents an important opportunity to expand public access to investment products while enhancing the competitiveness of Indonesia's investment management industry.
Chief Operating Officer of Danantara Indonesia, Dony Oskaria, said that the acquisition of control over the four companies is not merely a share purchase transaction, but a major step toward building a new force in the national investment management industry.
"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," said Dony.
With an integrated business model, the consolidated company will expand investment access for both retail and institutional investors, while offering more competitive investment solutions to address the evolving needs of the market.
In line with this strategic direction, the consolidated company will combine the strengths, experience, and advantages of each investment management company to build an institution with greater scale, capabilities, and competitiveness.
President Director of PT Mandiri Manajemen Investasi, Hardiyanto Pilia, said that this foundation will serve as important capital for the new entity to grow into one of Indonesia's leading investment management companies.
"This consolidation is a strategic step to build a national investment management institution with greater scale, capabilities, and governance. With this foundation, we are optimistic that Indonesia's investment management industry will become increasingly competitive and further strengthen investor confidence, both domestically and globally."
In the retail segment, the consolidated company will develop thematic investment products and expand investment access through the state-owned bank ("Himbara") network, in line with the growth of national Single Investor Identification ("SID"), which has exceeded 20 million investors. Meanwhile, in the institutional segment, the company will strengthen investment management capabilities by expanding its investor base and providing more comprehensive investment solutions for various domestic institutions.
"We see significant momentum ahead. With a growing retail investor base and stronger institutional confidence, the synergy of these four entities will position the consolidated company as the investment partner of choice for millions of Indonesians," said Hardiyanto.
President Director of PT BRI Manajemen Investasi, Arief Budiman, described the merger as a strategic momentum to deepen retail market penetration. As of June 2026, BRI MI recorded total AUM of IDR 52.61 trillion, with a strong retail customer base that will serve as important capital in strengthening the ecosystem of the consolidated company.
"With the strength of its distribution network and a continuously growing retail investor base, this merger will expand public access to trusted investment products while accelerating the deepening of the capital market."
President Director of PT BNI Asset Management, Ari Adil, emphasized that BNI AM's strong business composition between retail and institutional segments, with AUM of IDR 29.59 trillion as of June 2026, will become one of the key strengths in enhancing the capabilities of the consolidated company.
"We are optimistic that this merger will strengthen national investment management capacity through synergies in investment expertise, product innovation, stronger governance, and increasingly solid and competitive business scale."
President Director of PT PNM Investment Management, Ade Santoso Djajanegara, stated that PNM IM's experience in developing inclusive investment, with AUM of IDR 10.31 trillion as of June 2026, will complement the strengths of the consolidated company in expanding access to investment services for the public.
"This collaboration is an important step to build an investment management institution that is not only stronger as a business, but also able to broaden economic benefits and support more sustainable growth."
The signing of this agreement marks an important milestone in advancing Indonesia's investment management industry. Through an integration process that will be carried out in stages while prioritizing prudence, regulatory compliance, and service continuity for customers and all business partners, DAM is optimistic that it can build a national investment management institution that is more competitive, trusted, and able to become one of the key drivers of Indonesia's capital market growth.
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About PT Mandiri Manajemen Investasi ("MMI")
PT Mandiri Manajemen Investasi, or MMI, was established on 26 October 2004 following a spin-off from PT Mandiri Sekuritas. As part of PT Bank Mandiri (Persero) Tbk group, MMI is one of Indonesia's largest investment management companies, with more than 21 years of experience in managing investment portfolios. MMI obtained its business license as an investment manager based on the Decree of the Chairman of BAPEPAM No. KEP-11/PM/MI/2004 dated 28 December 2004. As of June 2026, MMI had total consolidated assets under management with Mandiri Investment Singapore of Rp77.86 trillion.
About PT BRI Manajemen Investasi ("BRI MI")
PT BRI Manajemen Investasi, formerly Danareksa Investment Management, is a pioneer of Indonesia's mutual fund industry and has been established since 1992 pursuant to Deed No. 26 dated 1 July 1992. The company obtained its business license as an Investment Manager based on the Decree of the Chairman of BAPEPAM No. KEP-27/PM-MI/1992 dated 9 October 1992.
About PT BNI Asset Management ("BNI AM")
BNI AM is a pioneer in Indonesia's leading investment management business and obtained its Investment Manager license under No. KEP-05/BL/MI/20211 and Investment Adviser license under No. S-437/D.04/2017. BNI AM's business began in 1995 and was officially spun off from PT BNI Sekuritas (BNIS) on 7 July 2011 as an investment management company. BNI AM is part of the PT Bank Negara Indonesia (Persero) Tbk (BNI) conglomeration, with BNI serving as its parent company. BNI AM's business grows in synergy with several other subsidiaries.
About PT PNM Investment Management ("PNM IM")
PT PNM Investment Management was first established under the name "PT Rashid Hussain Asset Management" on 7 May 1996. In 1999, it became a subsidiary of PT Permodalan Nasional Madani (Persero) and changed its name to PT PNM Investment Management. The company obtained approval as an Investment Manager based on the Decree of the Chairman of BAPEPAM No. KEP-01/PM/MI/1998 dated 27 January 1998 juncto Letter of the Chairman of BAPEPAM No. S-2242/PM/1999 dated 16 November 1999.
About Danantara Indonesia
Danantara Indonesia, officially known as Badan Pengelola Investasi Daya Anagata Nusantara (BPI Danantara), is a strategic investment management institution established under Law No. 1 of 2025. As an independent entity under the President, Danantara Indonesia's mandate is to manage and optimize government investments and assets from State-Owned Enterprises (SOEs) in order to support the achievement of the Asta Cita vision, strategic national plans, as well as government programs to accelerate industrialization and economic growth. With a professional, transparent, and accountable approach, Danantara Indonesia aims to strengthen the governance of state assets, create added value for the economy, while increasing Indonesia's competitiveness in the global market.
More on Danantara Indonesia: https://www.danantaraindonesia.co.id
For more information, please contact:
PT Mandiri Manajemen Investasi : corsecteam@mandiri-investasi.co.id
PT BRI Manajemen Investasi : im-csc@bri-mi.co.id
PT BNI Asset Management : clu@bni-am.co.id
PT PNM Investment Management : corporate@pnmim.com
Danantara Indonesia : media@danantaraindonesia.com