Danantara Asset Management, the Danantara arm that manages the state-owned enterprises portfolio, has completed the consolidation of four state-owned investment management companies into a single entity, effective Oct. 1. In a separate development, OJK has revoked the multifinance licence of PT Credit Saison Indonesia Finance.
Post-merger, Danantara investment manager takes Danareksa name
Danantara Asset Management (DAM), the Danantara arm that manages its state-owned enterprises (SOE) portfolio, has completed the consolidation of four state-owned investment management companies into a single entity, effective Oct 1.
PT Mandiri Manajemen Investasi is the surviving company and has been renamed PT Danareksa Investment Management Indonesia. PT BNI Asset Management, PT BRI Manajemen Investasi and PT PNM Investment Management have been merged into the company, according to company and regulatory notices filed with Indonesia’s Ministry of Law, as reported in a local report.
The four investment managers had combined assets under management of about 170 trillion rupiah ($9.47 billion) as of June, comprising Mandiri Investment’s 77.86 trillion rupiah, including its Singapore business, while BRI Manajemen Investasi had 52.61 trillion rupiah, BNI Asset Management 29.59 trillion rupiah, and PNM Investment Management 10.31 trillion rupiah.
The consolidation follows Danantara Asset Management’s acquisition of the four investment managers earlier this year. Danantara said in July that the transaction was part of its plan to consolidate investment management businesses under its asset management arm.
The consolidation also revives the Danareksa Investment Management name. The original PT Danareksa Investment Management was previously renamed BRI Manajemen Investasi following a change in ownership, announced in June 2023.
With the merger, the three absorbed companies cease to operate as separate legal entities, while their assets, liabilities, rights and obligations are transferred to Danareksa Investment Management Indonesia.
The transaction marks another step in Danantara’s broader restructuring of state-owned financial assets since the sovereign asset manager was formally launched in February.
The new company will retain the investment management operations of the four businesses, covering products and funds previously managed by the respective firms.
OJK revokes Credit Saison’s Indonesia multifinance licence
Indonesia’s Financial Services Authority (OJK) has revoked the multifinance licence of PT Credit Saison Indonesia Finance (CSIF), saying the company failed to address the issues that led to its placement under special supervision.
The revocation was issued on Sept 24, according to an OJK statement.
OJK said it had given CSIF sufficient time to implement corrective measures under its special-supervision action plan. However, the company failed to resolve the causes of the special-supervision status before the deadline, leading OJK to classify it as a company that could not be rehabilitated.
CSIF, formerly known as PT Saison Modern Finance, is linked to Indonesian P2P fintech startup KoinWorks. Credit Saison Co. Ltd. held an 82% stake in CSIF, while PT Koinworks Manajemen Konsultasi owned the remaining 18%, according to the company’s website.
The company received its multifinance licence from OJK in 2015 and was renamed PT Credit Saison Indonesia Finance in 2024.
Following the revocation, CSIF is prohibited from conducting financing activities and must settle its obligations to debtors, creditors and other parties. It must also hold a shareholders’ meeting within 30 working days to decide on the company’s dissolution and establish a liquidation team.
OJK said the action was taken to enforce regulations and maintain the health and reliability of the financing industry.
