Temasek to create asset management group

Singapore on the mapSingapore’s sovereign wealth fund (SWF), Temasek, is to set up its own asset management group. According to the SWF, Seviora Holdings will bring together four existing asset management companies – Azalea Investment Management, Fullerton Fund Management Company, InnoVen Capital and Seatown Holdings International – under one combined unit with asset under management of US$55 billion. Each of the asset managers has its own speciality – Azalea focuses on private equity, Fullerton covers alternatives and treasury management, Innoven provides debt capital to venture capital backed companies while Seatown is a globally focused value investor. By bringing the four asset managers together under one structure, Seviora will work with them all on product development, marketing and distribution with an emphasis on “collaboration and leveraging synergies”. While a centralised management team will oversee these responsibilities and drive strategy and capital allocation for the group, the four asset managers will continue to operate autonomously in terms of managing their own investment strategies and organisational decisions. They will also retain their own branding. Seviora will be chaired by Temasek director Goh Yew Lin who is also managing director of GK Goh Holding. Meanwhile the current chief executive of Seatown, Jimmy Phoo, will be Seviora’s chief executive designate. © 2020 funds global Asia

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