Asset Management

Singapore's Temasek Creates New Asset Management Unit

Tom Burroughes, Group Editor, 9 October 2020

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The organisation is a major shareholder in banks such as DBS.

Singapore-based sovereign wealth fund Temasek, which holds stakes in firms such as the banking group DBS, has set up a new asset management group, called Seviora.

The new organisation will provide a “broad range of multi-asset and multi-strategy investment expertise”. Seviora will work as the operational holding company for four existing asset management companies wholly-owned by, or affiliated to, Temasek. These are Azalea Investment Management, Fullerton Fund Management Company, InnoVen Capital and Seatown Holdings International. The combined assets under management of the group will be about S$75 billion ($55.2 billion). In total, Temasek had S$306 billion in AuM as at the end of March this year.

The group will provide a range of investment strategies across return profiles, asset classes and geographies. The individual asset management companies will remain autonomous in how they operate and retain their brands.

Goh Yew Lin will be appointed chairman of Seviora. Jimmy Phoon, CEO of Seatown Holdings International, will be appointed CEO-designate of Seviora. He will hold both positions concurrently until a successor is appointed for Seatown Holdings International, Temasek said in a statement this Tuesday.

The transaction is subject to the relevant regulatory and other approvals, expected by the end of 2020.

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