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October 7, 2020

Temasek sets up new $55bn asset management group

Investment firm Temasek has launched an asset management group, which will serve as the operational holding company for four asset management businesses that are wholly-owned by or affiliated to it.

Details

Dubbed Seviora Holdings, the new Singapore-based entity will house Azalea Investment Management, Fullerton Fund Management Company, InnoVen Capital and Seatown Holdings International.  These four asset managers collectively manage nearly S$75bn ($55.2bn) in assets.

The asset managers will operate as distinct entities, retaining their existing brands, and operational autonomy across their organisational decisions.

Seviora will work alongside the four asset managers on product development, marketing and distribution.

Temasek chief investment strategist Rohit Sipahimalani said: “Azalea, Fullerton, InnoVen and Seatown are recognised as specialists in their various product and strategy segments.

“Bringing them together will allow the combined group to further strengthen and leverage skillsets and capabilities, and to build a larger platform for future growth in the asset management space.”

Management team

Seviora’s dedicated management team will manage its strategy and AUM growth. The team will also be responsible for supporting capital allocation for business needs and growth opportunities.

Goh Yew Lin will chair the new holding company, while Seatown chief Jimmy Phoon will be CEO-designate.

Phoon will hold both responsibilities until Seatown names a replacement.

Lin noted: “By bringing four successful but distinctly different asset management companies together, we see the opportunity to accelerate business growth through creation of scale, synergistic product offerings and greater investment in technology.”

Pending regulatory nod, the new structure is expected by the end of this year.

Recently, the wealth management joint venture between BlackRock, Temasek and China Construction Bank received the approval of the China Banking and Insurance Regulatory Commission.

The move is the result of China’s plan to liberalise its financial sector to increase competition.

Earlier this year, Temasek was in the news for backing wealth management technology provider FNZ.

 

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