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Ray Dalio says no to Danantara advisory role, Bloomberg reports
Ray Dalio’s appointment as a Danantara advisor was announced following a verbal offer in March but had yet to be formalized.
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Luhut Pandjaitan, who served at the time as coordinating minister for maritime affairs and investment, meets Bridgewater Associates founder Ray Dalio in Bali on Sept. 1, 2024. (Courtesy of/Coordinating Minister for Maritime Affairs and Investment Office)
H
edge fund titan Ray Dalio has opted not to join the advisory board of Indonesia’s state asset fund Danantara two months after the government publicly announced his involvement, Bloomberg reported on Wednesday, citing sources familiar with the matter.
The reasons behind his decision remain unclear.
Dalio’s name was nowhere to be found in a recent Danantara slide presentation shown to foreign business executives in Jakarta, according to the report.
The updated lineup only included economist Jeffrey Sachs, former Capital Group equity portfolio manager Chapman Taylor, ex-Thai Prime Minister Thaksin Shinawatra and former Credit Suisse CEO Helman Sitohang.
The decision would be a setback for Danantara, envisioned by President Prabowo Subianto as a superholding to consolidate all state-owned enterprises (SOEs) and a national investment management firm akin to Singapore’s Temasek.
Launched in February, Danantara is headed by Investment and Downstream Minister Rosan Roeslani, with Deputy SOEs Minister Dony Oskaria as chief operating officer and entrepreneur Pandu Sjahrir, a nephew of National Economic Council chairman and former coordinating minister Luhut Pandjaitan, serving as chief investment officer.
Despite the fanfare of the launch, skepticism lingers. Analysts and investors have repeatedly called for greater clarity on the fund’s strategy and risk management, especially amid a volatile global economic environment.
