Nusadana Manager

Nusadana Manager

The investment manager that sets the value of 82.9% of PBSA's Rp327.8bn securities book — the source of roughly a third of pretax profit — carries the Nusadana name that recurs through PBSA's ownership history (Family and Funds). An external, OJK-registered prospectus for one of the manager's funds names PBSA and both companies that control PBSA as affiliated parties, and lists PBSA's ultimate owner as chair of the manager's investment committee. That prospectus is not in this report's corpus, and the run could not independently verify it against PBSA's filings or a company registry. What the filings do show is that PBSA books these Nusadana holdings as third-party and lists no fund in its related-party note. If the prospectus is accurate, the third-party label is difficult to sustain; on the corpus alone, the concentration and the manager-set valuations are a governance flag rather than a proven affiliation — one Sum-of-the-Parts already reflects by discounting the marks.

What PBSA reports

At 31 December 2025 PBSA carried Rp327.8bn of short-term investments, of which Rp271.8bn — 82.9% — sat in three funds bearing the Nusadana name: Nusadana Fixed Income (Rp124.1bn), the KPD Nusadana discretionary mandate (Rp117.2bn) and Nusadana Balanced Fund (Rp30.5bn). The note books every rupiah of it under the heading "Pihak ketiga / Third parties," and the year's change in fair value — a Rp111.5bn gain — flows straight to the 2025 income statement [1]. The related-party note discloses only one relationship: Rp4.1bn of key-management compensation. No fund, and no fund manager, appears there [2]. On PBSA's own telling, the manager marking a third of its profit is a stranger.

Whether that booking holds up is the subject of this chapter. The weight of the mark in earnings sits in Earnings Quality; the historical fact that PBSA's insiders once ran a Nusadana entity sits in Family and Funds, which left one question open — whether the family currently controls the manager, a registry fact the filings do not carry. An external prospectus appears to answer it, but this run could not retrieve or verify that fact against the corpus or a registry — the same limit Family and Funds and What to Watch record.

What the manager's prospectus discloses

The three Nusadana funds are run by PT Nusadana Investama Indonesia, an OJK-licensed investment manager (licence KEP-48/D.04/2017). The account that follows comes entirely from that manager's published prospectus for the Nusadana Lancar fund — a document outside this report's corpus that the run could not independently verify against a filing or registry. On its face it records two facts PBSA's accounts do not.

First, the manager's origin. It was incorporated on 11 January 2017 as PT Ascend Investama Indonesia, and renamed PT Nusadana Investama Indonesia on 15 March 2019; its flagship money-market fund was renamed in step, from "Ascend Dana Lancar" to "Nusadana Lancar." "Ascend" is the name PBSA's direct 46.16% controlling shareholder carries — PT Ascend Bangun Persada. The manager and PBSA's holding company were built under one brand.

Second, the prospectus lists the parties it regards as affiliated with the manager. In its section headed Pihak yang terafiliasi dengan Manajer Investasi, it states that the parties affiliated with the Investment Manager are PT Infiniti Investama Indonesia, PT Ascend Bangun Persada, PT Paramita Bangun Sarana Tbk (PBSA), PT Moladin Finance Indonesia and PT Supra Sekuritas Indonesia.

Three of those five names are PBSA and the two holding companies that own it. PT Ascend Bangun Persada holds 46.16% of PBSA directly; PT Infiniti Investama — 98.67% owned by PBSA's president commissioner, Halim Susanto — sits at the top of the control chain [3]. In a document filed with the securities regulator, the manager itself declares PBSA's entire control stack to be its affiliates. A fifth name closes the loop: PBSA holds its listed-share investments through fund accounts at PT Buana Capital and PT Supra Sekuritas Indonesia [4] — and Supra Sekuritas, too, is on the manager's affiliate list.

Sources: PT Nusadana Investama Indonesia — Nusadana Lancar fund prospectus (2024 update), Ch. III, Affiliated Parties of the Investment Manager (public OJK filing, nusadana.com); PBSA FY2025 Annual Report, Shareholding Structure [5] and Note 11 [6].

Overlapping principals

The same prospectus names individuals as well as entities. It lists Yonggi Tanuwidjaja as the manager's president commissioner (Komisaris Utama) and the chair of its investment committee — the body that directs and oversees how the funds are invested and valued. Yonggi Tanuwidjaja is one of the two ultimate beneficial owners the FY2025 annual report names for PBSA [7]. His bio in the same prospectus lists his other current posts: deputy president director of PT Ascend Bangun Persada (2013–present) and director of PT Sigma Mutiara (2016–present) — the two holding companies that between them control 83.7% of PBSA.

If the prospectus is accurate, one person therefore sits on both sides of the mark: a controlling owner of the company that holds the funds, and the chair of the committee at the manager that prices them. Independent of the prospectus, the corpus records an older overlap: Halim Susanto — PBSA's president commissioner and the owner of Infiniti at the top of the chain — ran the affiliated Nusadana securities house within the last decade [8].

Sources: PBSA FY2025 Annual Report, beneficial-ownership disclosure [9]; PT Nusadana Investama Indonesia — Nusadana Lancar fund prospectus (2024 update), Ch. II–III, Investment Committee and management (public OJK filing).

The manager depends on this relationship as much as PBSA depends on the marks. Its prospectus put total assets under management at about Rp517bn at the end of January 2024; PBSA's Nusadana holdings stood at Rp271.8bn by December 2025. The two dates are not directly comparable, and the later figure carries a large mark-up, but on any reading PBSA is among the manager's largest clients — and if the affiliation holds, the price-setter and its biggest customer share the same owners.

Why the label carries weight

Indonesian accounting standard PSAK 7 treats an entity as related when a person who controls or is a key manager of the reporting entity also controls, or is a key manager of, the other entity. If the prospectus is accurate, a controlling owner of PBSA chairing the manager's investment committee would meet that test on its face, and the prospectus reaches the same conclusion under the securities-law definition of an affiliate. PBSA nonetheless books the holdings as third-party and reports no related-party fund in Note 30. On the same relationship, the issuer's accounts and the external prospectus disagree — and this run could not settle which is right against a registry.

The disagreement matters because of how the number is struck. Of the Rp327.8bn book, only Rp0.85bn — a single listed share — carries an observable exchange price; the other 99.7% is valued at net asset values published by the managers [10]. The mechanics of those marks — including a single KPD discretionary mandate revalued 186.7% in one year — are set out in Earnings Quality and their bearing on the family's holdings in Family and Funds; what matters here is that the prices carrying a third of PBSA's pretax profit are struck by the manager, not by a market.

Two facts cut the other way, and both belong in the read. The units are held through independent custodian banks — PT Bank Danamon and Bank BJB — not by the manager or a connected custodian [11], so the assets themselves are ring-fenced even where the price is not. And the marks move in both directions: the same portfolio was written down Rp71.6bn in the quarter to 31 March 2026, so the NAVs are not a one-way ratchet (Sum-of-the-Parts). What the affiliation would change is not whether the assets exist but who certifies their value: a third of PBSA's pretax profit rests on prices set by the manager, and the external prospectus, if accurate, would make that manager a related party rather than an arm's-length one.

The read: on the corpus alone, PBSA's own accounts and an external prospectus disagree on whether the manager is a related party, and this run could not settle that against a registry. Taken as a governance flag — 82.9% of the securities book in Nusadana-branded funds, 99.7% of the book marked to manager-published NAV, an ultimate owner with a documented past role at a Nusadana entity and, per the prospectus, a current one at the manager — the Rp111.5bn of fair-value gains is better read as manager-influenced marks worth a discount to published NAV, as Sum-of-the-Parts already applies. Two developments would retire the concern: a cash redemption of the Nusadana units at or near their carried NAV, converting the manager's opinion into money; or a restatement that moves the funds into the related-party note. If instead the prospectus were shown inaccurate or superseded, the third-party label would stand and the flag would fall back to the ordinary concentration risk of a large, self-directed portfolio.