Manajemen Investasi Konvensional di Pasar Keuangan
Manajemen Investasi Konvensional di Pasar Keuangan
🏦 Section K — Financial & Insurance Activities
Investment fund management — managing mutual funds (reksa dana), discretionary portfolios, hedge funds, and other collective investment schemes on behalf of investors. The fund manager (Manajer Investasi / MI) makes investment decisions and earns a management fee on assets under management (AUM). Products: reksa dana saham (equity), reksa dana pendapatan tetap (fixed income), reksa dana campuran (balanced), reksa dana pasar uang (money market), reksa dana terproteksi (protected), ETF, and alternative investment funds. **Maximum foreign ownership: 99%** (OJK allows up to 99% but effectively requires at least one Indonesian director, per OJK regulation).
What You Need
PP28/2025 Licensing Data1 scale
Post-License Obligations6
→ Submit periodic business activity reports to regulator
Risk: Menengah Tinggi. Authority: Menteri (OJK delegates to Menteri for NIB). OSS timeline 7 working days — but the OJK Manajer Investasi (MI) license is the critical gate (6–12 months additional).
PHASE 1 — OSS / NIB (7 working days)
- Register PT (or PT PMA) on OSS, select 66301, Menengah Tinggi path
- NIB + Sertifikat Standar issued
- Does NOT authorize fund management operations — OJK license is required
PHASE 2 — OJK Manajer Investasi License — 6–12 months
- Minimum 2 Wakil Manajer Investasi (WMI) — individuals holding valid WMI certification issued by OJK after passing WAPERD exam
- At least 1 WMI must be a full-time director of the MI company
- Preferred: CFA charterholder, CAIA, or equivalent international credential accepted by OJK
To launch a listed ETF additionally
BEI (Bursa Efek Indonesia) listing approval required.
Step-by-step for PT PMA MI company
Typical full timeline
12–20 months from incorporation to first fund launch.
Minimum total capital
IDR 25 miliar paid-up.
Direct match from KBLI 2020 (MATCH_LANGSUNG). The OJK regulatory framework for Manajer Investasi was updated through OJK POJK 23/2016 and subsequent circulars. The key post-2020 development is OJK's push for ESG (Environmental, Social, Governance) fund standards and the growth of OJK-licensed Reksa Dana ESG products — a genuine new product category for foreign MIs bringing ESG expertise.
Bali Intelligence
📊 Fund Management in Bali — Boutique Opportunity Landscape
Why Bali for a boutique MI?
- Bali's real estate and hospitality sector has a significant non-bank capital gap: villa developers, hotel owners, and eco-resort projects need equity/quasi-equity financing that neither banks nor P2P lenders provide
- A boutique Manajer Investasi can structure a Reksa Dana Penyertaan Terbatas (RDPT — limited participation private placement fund) targeting hospitality and real estate assets — legal framework exists under POJK 40/2015
- Bali-themed ESG impact funds: Blue economy (ocean conservation + sustainable fisheries), green hospitality (carbon-neutral resorts), Bali artisan livelihoods — these themes attract international impact investors and align with Bali's tourism brand
The realistic market:
- Most Indonesian MI companies are Jakarta-based and AUM-focused on conventional instruments (equities, bonds)
- A Bali-based boutique MI focusing on alternative and real assets with a clear ESG thesis has genuine differentiation
- Distribution challenge: retail fund sales require APERD network or bank distribution agreements; without these, you're in institutional/RDPT territory
Required professionals in Bali:
- WMI certificate holders are rare in Bali — most are in Jakarta; you will likely need to hire from Jakarta or sponsor WMI exam for local finance talent
- CFA and CAIA charterholders in Bali: handful; LinkedIn search + headhunter required
⚠ Key Issues
- WMI certification is the long pole — if your recruited WMI professionals aren't already certified, the WAPERD exam → OJK approval → WMI certificate process adds 3–6 months to your timeline
- Custodian bank is mandatory — reksa dana assets cannot be held by the MI itself; bank custody agreement is a prerequisite for OJK approval; negotiate before you apply
- Each fund = separate OJK registration — you cannot launch new products without a separate OJK approval per fund; plan a structured product pipeline
- RDPT minimum investors: A private placement fund (RDPT) requires maximum 100 investors (penyerta); each penyerta minimum IDR 5 miliar — this is institutional/HNWI territory only
TKA Eligible Positions
Kepmenaker 228/2019 — Category 9: Jasa Keuangan dan Asuransi
Kepmen 228/2019 lists 45 TKA-eligible positions in the financial services category. OJK Fit & Proper test applies to directors, commissioners, and Wakil Manajer Investasi (WMI) holders.
KEDUA Provision — Directors & Commissioners Exemption
- 66199 — Other Financial Services (if adding payment/e-money capabilities alongside fund management)
- 66191 — Fintech P2P Lending (if complementing fund management with a P2P product for smaller ticket investors)
- OJK legal counsel — WAJIB — specialized capital markets lawyer for MI license application, fund registration, and ongoing compliance
Related Codes
Manajemen Investasi Syariah di Pasar Keuangan
Manajemen Investasi Syariah di Pasar Keuangan
Manajemen Investasi di Perdagangan Berjangka
Manajemen Investasi di Perdagangan Berjangka
Aktivitas Manajemen Dana Lainnya
Aktivitas Manajemen Dana Lainnya
Aktivitas Bank Sentral
Aktivitas Bank Sentral
Perbankan Umum Konvensional
Perbankan Umum Konvensional
Perbankan Umum Syariah
Perbankan Umum Syariah