Danantara Pushes Asset Manager Merger With $159 Million Deal

Indonesia’s sovereign wealth fund is advancing a plan to combine the asset management units of state-owned lenders in order to boost their regional competitiveness.

Danantara unit PT Danantara Asset Management signed deals on April 1 to acquire the investment management subsidiaries of PT Bank Mandiri, PT Bank Rakyat Indonesia, PT Bank Negara Indonesia and PT Permodalan Nasional Madani, subject to regulatory approvals, according to stock exchange filings published late Thursday.