Singapore's Temasek has set up a holding company for four money management subsidiaries with combined assets under management of S$75 billion ($54.9 billion) to better leverage synergies in meeting client needs.
According to a news release, the S$306 billion government-owned investment company established Seviora Holdings as the operational holding company for the four subsidiaries:
- Fullerton Fund Management Co., an Asia-focused investment specialist with AUM of S$54.9 billion as of June 30.
- Azalea Investment Management, a manager of private equity and other private market assets, with S$7 billion.
- InnoVen Capital, an Asia-focused venture debt manager with $650 million invested in more than 225 startups.
- Seatown Holdings International, a manager focused on global alternative absolute-return strategies with S$7.9 billion in AUM.
A dedicated management team at Seviora will "oversee the group's strategies and growth of assets under management, as well as drive capital allocation to meet business requirements and growth opportunities," the release said.
However, the four asset management companies "will retain operational autonomy and continue to manage their investment strategies and organizational decisions, guided by their respective boards and management."
Goh Yew Lin, a director on Temasek's board and chairman of Seatown Holdings, will take on the additional role of chairman of Seviora, while Jimmy Phoon, CEO of Seatown Holdings International, has been appointed CEO-designate of Seviora.
Mr. Phoon will hold both positions until a successor can be appointed as CEO of Seatown Holdings International.
Mr. Goh said in the release that the new holding company structure will offer opportunities "to accelerate business growth through creation of scale, synergistic product offerings and greater investment in technology."
A Temasek spokesman said Seviora's management team will also work to "seed new strategies, to allocate capital and coordinate across platforms," in areas such as product development and cross-marketing to third parties.