PT Danareksa Investment Management Indonesia has formally merged four state-owned asset management (MI) companies into a single entity to strengthen its position in the capital market industry. The merger was announced at a press conference at the St. Regis Hotel in South Jakarta on Wednesday (11/11/2026).

Four managers become one

Acting President Director and Finance and Operations Director of Danareksa Investments, Hardiyanto Pilia, explained that the new entity results from the merger of PT Mandiri Investment Management, PT BRI Manajemen Investasi, PT BNI Asset Management and PT PNM Investment Management.

According to Hardiyanto, combined assets under management (AUM) reach Rp172.5 trillion. Danareksa Investments also handles assets under an asset-under-advisory (AUA) scheme worth about Rp13 trillion. "At the moment we stand at Rp172 trillion, the largest in Indonesia, and that comes from this merger," he said.

Investor base and products

Hardiyanto said the company now has about 1 million retail investors and 375 institutional investors, which he described as a strength gained from the combination. On the product side, it offers 110 mutual funds covering equity, fixed income, balanced, money market and index funds.

On competition with private managers

Hardiyanto assured that the new entity will not disrupt private asset managers. In his view, each manager already has its own captive market. That can be seen in the 10 largest managers, which generally have their own business ecosystems, including insurance companies, and manage funds from their corporate ecosystems.

The company has also discussed the potential impact of the merger on business competition with the Business Competition Supervisory Commission (KPPU). From those talks, the merger was judged not to affect competition with private managers.

Marketing and Product Director Arief Budiman added that Indonesia has around 92 asset managers, with the 20 largest holding roughly 70% of market share. Even so, the merger of the four is not seen as creating market dominance, because the potential of Indonesia's mutual fund market is still very large and not fully tapped by all managers. "That captive market for mutual fund potential is very, very large and it has not been captured across all 92 asset managers," he explained.

Market potential and the 2027 target

Indonesia currently has about 32 million mutual fund investors, still far below some neighboring countries that have passed 100 million. Going forward, the company is targeting AUM of Rp192 trillion to Rp200 trillion by 2027. Arief noted that the figure is unaudited and has not yet been presented to shareholders.

Sources

• 4 MI BUMN Gabung Jadi Danareksa Investment, Kelola Aset Rp172,5 T — CNN Indonesia, 12 November 2026 08:55 WIB. https://www.cnnindonesia.com/ekonomi/20261112082736-92-1426168/4-mi-bumn-gabung-jadi-danareksa-investment-kelola-aset-rp1725-t