SEA Deal Ticker
Indonesia's state fund managers were four competing shops: Danantara merges them into one $9.4B manager
Danantara Asset Management signed share purchase agreements for controlling stakes in the investment arms of Mandiri, BRI, BNI and PNM, which together managed IDR 170 trillion ($9.43 billion) as of June. They merge within a month.
Positive-sum angle: One book of $9.4 billion can underwrite domestic issuance that four subscale managers could not, which widens the pool of local capital Indonesian companies can raise from before they look offshore.