Indonesia has named billionaire investor Ray Dalio and economist Jeffrey Sachs as advisers to its new sovereign wealth fund Danantara, amid growing investor concerns over governance at a fund that is expected to manage state assets worth about $900bn.
The fund on Tuesday also named Chapman Taylor, equity portfolio manager at Capital Group, and former Thai prime minister Thaksin Shinawatra to its advisory council. Former Indonesian presidents Joko Widodo and Susilo Bambang Yudhoyono have also been named to the fund’s steering committee.
President Prabowo Subianto launched the Danantara fund in February, bringing the country’s state-owned enterprises under one roof in a massive overhaul. The government expects the fund to boost economic growth by investing in strategic projects and industries.