Danantara, Indonesia’s nascent sovereign wealth fund, is mulling plans to create a national asset manager by combining units from some of the country’s biggest state-owned banks, according to people familiar with the matter.
Danantara seeks to hire advisers to help set up a new firm that will combine the asset managers of PT Bank Rakyat Indonesia, PT Bank Mandiri and PT Bank Negara Indonesia, the people said, asking not to be identified because the deliberations are private. Danantara wants to build a bigger asset manager to compete locally and across the region, the people said, adding that other banks’ asset managers could be included in the plan as well.