Singapore’s Temasek Launches $55 Billion Asset Management Holding Firm

Deedra Mcgillivray 2 years ago

(Bloomberg) — Singapore state-owned investor Temasek Holdings Pte. established a new holding company for four of its existing asset management companies to help raise more funds independently and save costs. © Bloomberg Copies of the Temasek Holdings Pte annual report are arranged for a photograph in Singapore, on Tuesday, July […]

(Bloomberg) — Singapore state-owned investor Temasek Holdings Pte. established a new holding company for four of its existing asset management companies to help raise more funds independently and save costs.



a book sitting on top of a wooden table: Copies of the Temasek Holdings Pte annual report are arranged for a photograph in Singapore, on Tuesday, July 9, 2019. Temasek held onto gains in its portfolio amid global trade uncertainties after selling S$28 billion ($20.6 billion) of holdings as U.S. equity markets hit record highs and its unlisted assets outperformed.

© Bloomberg
Copies of the Temasek Holdings Pte annual report are arranged for a photograph in Singapore, on Tuesday, July 9, 2019. Temasek held onto gains in its portfolio amid global trade uncertainties after selling S$28 billion ($20.6 billion) of holdings as U.S. equity markets hit record highs and its unlisted assets outperformed.

By the end of the year the newly-created Seviora Holdings Pte. will become the operational holding company for Azalea Investment Management, Fullerton Fund Management Company, InnoVen Capital and Seatown Holdings International, subject to regulatory and other approvals, Temasek said in a statement on Tuesday.

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Seviora’s creation comes as public and private companies hunt for returns to ride out the economic downturn brought on by the pandemic. Temasek reported its worst annual result since 2016 for the year ended in March. This move could help the units consolidate and coordinate fund-raising efforts to save money, said Song Seng Wun, an economist at CIMB Private Banking in Singapore.

Temasek said the new entity would have a combined assets under management of about S$75 billion ($55 billion). Despite Fullerton representing the bulk of assets, Seatown’s Chairman Goh Yew Lin and Chief Executive Officer Jimmy Phoon will lead Seviora in similar positions.

Temasek said each of the four entities will retain their operational and investment autonomy and be able to independently raise funds.

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