Danareksa IM rejects market dominance concerns over investment manager merger
The combined business manages about Rp172.5 trillion, representing roughly 18% of the market, according to the company.
PT. Danareksa Investment Management Indonesia has rejected concerns that combining four investment managers under Danantara Indonesia would create a dominant industry player, arguing that Indonesia’s mutual fund market still has substantial untapped potential.
Speaking at a Jakarta press conference on 11 November 2026, marketing and product director Arif Budiman said Indonesia had about 92 investment managers. The largest 20 accounted for around 70% of the market, he said.
The combination of Mandiri Manajemen Investasi, BRI Manajemen Investasi, BNI Asset Management and PNM Investment Management manages approximately Rp172.5 trillion, equivalent to about 18% of the market. Arif said that share did not amount to dominance and noted that Indonesia had only around 32 million mutual fund investors.
Acting president director Hardiyanto Pilia said private investment managers would not face a significant impact. He said the top 10 managers generally had their own captive markets, with firms belonging to insurance groups typically managing money from their insurance ecosystems.
Those separate client bases meant competition would not automatically shift because of the merger, Hardiyanto said. He added that the company had discussed market concentration concerns with the Business Competition Supervisory Commission (KPPU).
