Co-CEOs to leave Temasek's Seatown unit

Charles Ong and Nasser Ahmad are quitting as co-CEOs of Seatown Holdings Pte., the global investment company of Singapore’s Temasek Holdings Pte., two people with knowledge of the matter said.

Mr. Ong, who is also senior managing director of special projects at Temasek, will continue in that role, said the people, asking not to be identified because they are not authorized to comment publicly before an announcement. Mr. Ahmad, co-founder of DiMaio Ahmad Capital, a New York-based asset manager specializing in credit markets, will be returning to fund management, the people said.

Messrs. Ong and Ahmad joined Seatown, established in 2009, to help build the firm, the sources said. Seatown, funded with more than S$4 billion ($3.2 billion) from Temasek, has invested about half of the capital in various assets worldwide. Temasek managed S$193 billion as of March 31.

The succession plan is being completed, the people said. Temasek officials, in an e-mailed statement, declined to comment.