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Singapore’s Temasek sets up $55 bn asset management firm

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The new firm is called Seviora Holdings

Singapore-based state-owned investment company Temasek has established a new asset management firm to help the company raise more funds independently, media reports said. It will also help Temasek save costs.

The new asset management firm set up by Temasek is called Seviora Holdings and it will have assets under management worth $55 billion.

It is reported that the new entity 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.

According to Temasek, Seviora will be based in Singapore with its own management team. The primary focus of the firm will be to provide access to a range of investment strategies across return profiles, asset classes and geographies.

According to an annual survey by the Monetary Authority of Singapore (MAS), assets supervised by Singapore-based managers grew by 15.7 percent to reach a total of about $4 trillion by the end of last year.

During the same period, the number of registered and licensed asset managers also rose in tandem, bringing the total to 895.

“Despite the ongoing Covid-19 pandemic and lingering uncertainty on the full extent of its implications on the asset management industry, Singapore continues to be an attractive place for business,” MAS said in its report.

Earlier this year, China approved a wealth management joint venture (JV) between Temasek, US-based investment giant BlackRock and China Construction Bank (CCB).

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