Indonesia Names Wirakusumah to Helm $100 Billion Wealth Fund

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(Bloomberg) — Indonesia has named Ridha Wirakusumah as the chief executive officer of its new wealth fund, which is set out to bring in funds to invest in local projects from infrastructure to healthcare.

© Photographer: Goh Seng Chong Ridha Wirakusumah, president and chief executive officer of PT Bank Internasional Indonesia (BII), reacts during a Malayan Banking Bhd. (Maybank), news conference in Kuala Lumpur, Malaysia, on Friday, Aug. 20, 2010.

Wirakusumah was formerly the CEO of PT Bank Permata and has held positions at KKR & Co., General Electric Co., as well as American International Group Inc., President Joko Widodo said in a briefing in Jakarta on Tuesday.

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Arief Budiman, a former director of oil and gas giant PT Pertamina, will serve as deputy CEO. Stefanus Ade Hadiwidjaja will be the director of investment, Marita Alisjahbana the director of risk, and Eddy Porwanto the director of finance.

Indonesia is moving one step closer to launching its new wealth fund, which currently has up to $15 billion in assets and is aimed to grow to as much as $100 billion. Jokowi, as the president is known, said Southeast Asia’s largest economy is already “late” in the game.

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“We want INA to reduce the gap in domestic funding needs and development financing, and in order to provide development financing, especially national infrastructure,” Jokowi said, referring to the fund named Indonesia Investment Authority. “I believe INA is able to gain the trust of national and international public.”

(Updates throughout with more details on appointments.)

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