Ray Dalio and Jeffrey Sachs picked to advise Indonesia’s sovereign wealth fund
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Danantara, Indonesia’s new sovereign wealth fund, has engaged billionaire investor Ray Dalio and economist Jeffrey Sachs to serve as advisers. This is a controversial formula that Trump is exploring with Musk, making the billionaire a huge part of his advisory team. In an emailed statement, Sachs said President Prabowo had asked him to be a special advisor to the government. He said, “I have accepted joining the advisory board of Danantara on that basis. I will serve entirely without any compensation whatsoever and not be involved in any transactions.” There are more nominations. The fund also added Chapman Taylor, an equity portfolio manager at Capital Group, and Thaksin Shinawatra, the former prime minister of Thailand, to its advisory board. Joko Widodo and Susilo Bambang Yudhoyono, both former presidents of Indonesia, have also been added to the fund’s steering group. This comes as investors worry about the fund’s management growth, as it will be in charge of state assets worth billions. Indonesia turns to Ray Dalio to ease SOE weight on Indonesian stock markets President Prabowo Subianto started the Danantara fund in February. It merged all of the country’s state-owned businesses into one large organization. The government thinks that the fund will help the economy grow by putting money into important businesses and projects. According to reports, more than $900 billion is thought to be held by Indonesia’s State-Owned Enterprises (SOEs) in banking, energy, and telecommunications. The seven biggest companies alone own $570 billion worth of assets, which is about 40% of the country’s total GDP. All seven companies’ market value is more than $100 billion, and four of them are widely traded. Some other companies’ units are also traded on the Indonesian stock exchange. The biggest challenge has been Prabowo’s direct power over the fund. In addition, the fact that…
Filed under: News - @ March 24, 2025 2:24 pm