(July 3): Indonesian sovereign wealth fund Danantara is reshuffling its management team with a series of new hires, according to people familiar with the matter, as it expands its role under President Prabowo Subianto’s government.
Daniel Ginting, a former partner at law firm Ginting & Reksodiputro, has joined the fund as a managing director for legal and compliance, the people said, who asked not to be identified discussing private matters. Robertus Billitea, who held that position previously, has moved to Danantara Trust, the charity arm of the wealth fund, one of the people said.
Pahala Mansury, former vice-chairman of Bank Negara Indonesia, has been hired as managing director for global relations and governance, replacing Mohamad Al-Arief who left Danantara, the people said. Meanwhile, managing director for risk and sustainability Lieng-Seng Wee has also resigned, one of the people said, adding that all changes are effective as of July 1.
Mansury declined to comment, while Danantara, Arief, Billitea, Ginting and Wee didn’t respond to requests for comment.
The management changes come as Indonesian assets, including the rupiah, have come under pressure amid concerns about Prabowo’s interventionist economic agenda. The fund has also faced growing scrutiny after lawmakers approved legislation allowing it to accept money from sources whose origins critics say may be difficult to verify.
Danantara was formed in 2025 and oversees state-owned assets, including stakes in banks, utilities and manufacturers. The government has increasingly leaned on the fund, which manages roughly US$900 billion ($1.1 trillion) in state assets, to bankroll and implement Prabowo’s flagship projects as he seeks to keep the budget deficit in check.
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Earlier this year, the president said that he would like the fund to achieve at least a 5% return on assets.
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