Bank Permata CEO to Head Indonesia’s New Wealth Fund
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The fund, which currently has around $15 billion in assets, is targeting to grow to $100 billion.
Ridha Wirakusumah, who has been CEO Indonesia’s Bank Permata since 2017, will become the chief executive officer of the country’s new strategic development sovereign wealth fund, the Indonesia Investment Authority said in an announcement on Tuesday.
Wirakusamah has held a number of leadership positions in his career, including president and CEO of AIG Consumer Finance Group Asia, Asia Pacific president and CEO at AIG, president CEO for AIG Finance (Hong Kong), head of corporate finance at Banker Trust Indonesia, APAC CEO at General Electric and head of banking at GE Money Asia.
We want INA to reduce the gap in domestic funding needs and development financing, and provide development financing, especially for national infrastructure,» Indonesia President Joko Widodo said in a briefing on Tuesday.
The Indonesia Investment Authority’s slate of executives includes Arief Budiman, a former director of oil and gas giant Pertamina, who will serve as deputy CEO. Also joining the fund is Stefanus Ade Hadiwidjaja, previously with private equity firm Creador Capital Group, who will be director of investment.
Marita Alisjahbana of Citibank Indonesia will be director of risk, while Eddy Porwanto, formerly the chief financial officer of flag carrier Garuda Indonesia, joins as director of finance, the announcement said.
Questions & Answers
Q.What is the primary objective of the new Indonesian wealth fund?
What is the primary objective of the new Indonesian wealth fund?
President Joko Widodo stated the fund aims to reduce the gap in domestic funding needs and provide development financing. Its focus is particularly on national infrastructure projects within Indonesia.
Q.Which other senior executives have been appointed to the Indonesia Investment Authority?
Which other senior executives have been appointed to the Indonesia Investment Authority?
Arief Budiman, formerly of Pertamina, will be deputy CEO. Stefanus Ade Hadiwidjaja from Creador Capital Group is the director of investment. Marita Alisjahbana of Citibank Indonesia is director of risk, and Eddy Porwanto, ex-Garuda Indonesia CFO, is director of finance.
Q.What is the current size of the fund and its growth target?
What is the current size of the fund and its growth target?
The fund currently holds approximately $15 billion in assets. Its stated target is to significantly increase this amount, aiming for a total of $100 billion in assets.
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