Singapore state investor Temasek Holding said on Tuesday that it has established a new asset management group that will have combined assets under management of about S$75 billion ($55.14 billion). This will help raise more funds independently and save costs.
Seviora Holdings will be set up as the operational holding company for four existing asset management companies currently wholly-owned by, or affiliated to, Temasek.
Those firms are Azalea Investment Management, Fullerton Fund Management Company, InnoVen Capital and Seatown Holdings International.
Seviora, which will be based in Singapore with its own management team, aims to provide access to a range of investment strategies across return profiles, asset classes and geographies, Temasek said. It will work with its four component firms in areas such as product development and marketing and distribution, with an emphasis on collaboration and leveraging synergies.
But the individual asset management companies will remain as distinct entities and continue to run their investment strategies and organisational decisions under the respective boards and management.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.