By Staff
Hedge fund billionaire Ray Dalio will no longer participate as an advisor to Indonesia’s new sovereign wealth fund, the Daya Anagata Nusantara Investment Management Agency (Danantara), according to reporting from the Indonesia Business Post.
Dalio’s appointment as an advisor to the new fund was announced earlier this year. According to a Bloomberg report citing sources familiar with the matter, Dalio, the founder of Bridgewater Associates, chose not to proceed with joining Danantara’s advisory board; however, the reasons behind his decision are still unknown.
In February, Indonesian President Prabowo Subianto announced the launch of the fund as part of the government’s strategy to achieve a goal of reaching 8% GDP growth by 2029. Danantara is projected to manage more than $900B in assets from across the banking, energy and telecommunications sectors.
The fund’s Board of Advisors also includes Helman Sitohang, former chief executive officer of Credit Suisse; American economist Jeffrey Sachs; F. Chapman Taylor, former equity portfolio manager at Capital Group; and former Thai Prime Minister Thaksin Shinawatra.
At a recent presentation to foreign business leaders in Jakarta earlier this month, Dalio’s name was missing from the advisory board, noted the Post‘s report.
