Indonesian wealth management AUM reaches US$70bn

Indonesia’s private banks and wealth managers saw a 15% growth in their total AUM to US$77 billion. While growth slowed from 2023’s 22%, the country benefited from increasing domestic demands and steady foreign and domestic direct investment, tempered by global market volatility and geopolitical uncertainties.

According to APB Insights’ 2024 Indonesia Private Banking & Wealth Management AUM League Tables, almost all players experienced growth in AUM, with an average growth rate of 9% per bank.

Explaining their growth, Indonesian banks pointed to digital enhancements as well as increased partnerships.

Leading this growth are the table’s top three players. Bank Central Asia grew its AUM by 28%, while Bank Rakyat and Mandiri Private posted growth rates of 15% and 16%, respectively.

Growing collaborations

As increasingly sophisticated clients seek diversification opportunities, Indonesia’s private banks are expanding their networks to broaden their offerings and product shelves.

In 2024, Bank Mega collaborated with fund managers, including Schroder Investment Management Indonesia, Ashmore Asset Management Indonesia, and Manulife Asset Management Indonesia, to offer diversification opportunities through mutual funds, attracting a wave of new investors to the bank.

Beyond external partnerships, CIMB Niaga Private Banking also encouraged internal collaborations. The bank leveraged its network in Singapore, Malaysia, and Thailand to facilitate cross-border referrals while using its CIMB Group Platform to deliver financial solutions.

“Local banks are stepping up their game, enhancing their product suites and digital capabilities to better serve affluent clients,” Inge Halim, head of Indonesia at Synpulse, told APB.

“That said, many high net worth individuals still see value in maintaining a globally diversified portfolio, balancing onshore opportunities with international exposure,” Halim added.

Digital transformation

Catering to tech-savvy clients, Indonesian banks are boosting their digital capabilities to sustain growth.

At Bank Central Asia, enhancements to the bank’s online wealth management service resulted in a 26% year-over-year increase in overall investment product transactions, while enabling customers to perform online risk profile assessments.

Banks are also leveraging technology to elevate the client experience. Bank Rakyat uses robo-advisors to enhance personalised interactions in wealth planning. OCBC NISP provided its relationship managers with a customised application for delivering services anytime and anywhere.

“We’re seeing traditional institutions modernise their platforms, partner with fintech, and leverage digital tools to enhance compliance, streamline operations, and improve client experiences. The push toward e-KYC and digital onboarding is another game-changer, making it easier and more efficient for clients to access financial services,” said Halim.

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More	Rank			Bank Name	Bank type	2024 AUM (USD B)	2023 AUM (USD B)	YoY % Change	Min Asset Threshold (USD)
				Mandiri Private	Private banking	20.6	17.9	15.0%	1.4M
	In 2024, Mandiri Private continued to strengthen its wealth management business and attract premium clients through service network expansion and the relaunch of outlets. Notably, the number of wealth management customers reached an all-time high of more than 69,000, representing an increase of over 9,000 customers compared to the previous year, driving a 13% annual growth in managed funds. The wealth management unit offers premier customers customised foreign exchange transaction services and structured products in partnership with the treasury group. *Note: AUM: APB estimate Darmawan Junaidi president director, Mandiri Bank
				Bank Central Asia	Wealth management	16.6	13.0	27.8%	33K
	In 2024, Bank Central Asia achieved a higher overall volume of investment product transactions, with a 26% year-over-year increase, thanks to enhancements in online wealth management and the addition of 16 new investment and bancassurance products under its application ‘Welma’. The year-over-year increase in AUM is partly driven by the expansion of the company’s wealth management products, including investments and insurance. The bank has also collaborated with AIA to launch Wealth Premier Protection, which offers sum-assured benefits designed specifically for high-net-worth individuals. *Note: AUM: publicly reported Haryanto Tiara Budiman managing director of consumer banking
				Bank Rakyat	Wealth management	13.4	11.6	16.0%	33K
	In 2024, Bank Rakyat Indonesia enhanced wealth management by aligning flagship products and marketing strategies across both institutional and retail segments, with a focus on mutual funds. They plan to improve human resources and core competencies, optimise back-office processes through system upgrades, and strengthen risk management and governance. In 2025, the bank aims to develop digital platforms for consumer loans and wealth management products and utilise digital forms to streamline transactions. It will create an integrated risk management system and applications, including a robo-advisor and investment calculators, to enhance the investment experience. *Note: AUM: publicly reported Martua Hanry K Panggabean division head of wealth management
				Bank Negara Indonesia	Wealth management	12.6	11.8	7.1%	66K
	In 2024, Bank Negara Indonesia (BNI) enhanced its digital platforms to optimise transactional banking and cross-selling, aiming to increase the effectiveness of wealth management. The company launched Wonder, a new mobile banking app offering more personalised and need-based services that help customers with financial management and future planning. Additionally, the company expanded its wealth management business with more relationship manager hires, launched new global bonds as part of its Euro Medium Term Note (EMTN) programme, and opened a new capital in Australia. *Note: AUM: publicly reported Steven Suryana senior executive vice president, Wealth Management
				CIMB Niaga	Wealth management	5.0	4.5	10.9%	N/A
	In 2024, CIMB Niaga collaborated with various business partners to enhance its offerings. The bank improved its wealth management and private banking services by forming strategic cross-border partnerships and adopting a customer-focused approach. Collaborations with Sunlife, AIA, and Sompo led to comprehensive bancassurance solutions, while partnerships with leading investment managers provided customised mutual fund options. The bank also offered personalised investment advisory services, increased wealth financing, and strengthened customer relationships through estate planning and wealth transfer solutions. *Note: AUM: publicly reported Ariteguh Arief head of preferred, wealth and insurance business
				OCBC NISP Private Banking	Private banking	4.4	3.9	14.0%	700K
	In 2024, the acquisition of PT Bank Commonwealth and its merger with OCBC were part of OCBC's strategy to expand its business scale and enhance its ability to provide comprehensive financial services to consumers and small and medium-sized enterprises. Furthermore, the bank has introduced a customised mobile application for relationship managers to improve service delivery. It launched multiple financial products and formed partnerships, collaborated with the OCBC Group for market insights and training, and continued to offer market updates through the #FinancialFitness campaign and regular daily updates. *Note: AUM: APB estimate Peter Harsono private banking division head
				Bank Tabungan Negara	Wealth management	3.2	3.1	4.4%	33K
	In 2024, Customers made 59,853 exchange transactions through PLUS by BTN Prioritas, with 90% coming from the bank’s qualified Prioritas Customers. This year, PLUS will be integrated into BTN’s mobile banking app, BALE, so priority customers can access it more easily. Looking ahead, the bank plans to grow its wealth offerings by targeting both existing and untapped affluent customers within BTN’s ecosystem. *Note: AUM: publicly reported Frengky Rosadrian Perangin-angin wealth management division head
				Bank Mega	Wealth management	0.7	0.9	-23.2%	N/A
	In 2024, Bank Mega collaborated with the Ministry of Finance to distribute seven government bond series in the Primary Market. Additionally, the company actively marketed government bond series in the Secondary Market. To meet its customers' needs and expand its product range, Bank Mega collaborates with investment managers to provide asset diversification options to customers through mutual funds. It has partnered with Insurance Partners to provide both life and general insurance products to satisfy customers’ requirements. *Note: AUM: publicly reported Chairul Tanjung president commissioner
				Total		76.6	66.6	14.9%

Methodology

Some banks publicly state their regional AUM totals, others don’t. Therefore, the datasets presented here contain a mix of estimates, shared, and reported figures. We also recognise that banks are inconsistent in the way they count AUM. And their minimum investment requirements can range widely, starting from as little as US$33,000 and going up to as high as US$1.4 million.

Totals may include assets under custody and/or loans, and may be distorted by double-counting. Where possible, we footnote for or provide some guidance on these variables. However, in the absence of enforced or agreed-upon standardisation and transparency, these inconsistencies will continue to undermine our ability to directly compare banks’ AUM.

Mid-market rates used as at 31 Dec 2024 for their respective years for non-USD reporting. For 2024: IDR-USD 0.000062