Temasek establishes new multi-asset, multi-strategy asset management group
Existing asset management companies to be organised under new holding company, offering a broad range of products and investment strategies to clients
Singapore, 6 October 2020 – Today, Temasek announces the establishment of Seviora Holdings Pte. Ltd. (“Seviora”), a newly created asset management group, headquartered in Singapore, that will offer a broad range of multi-asset and multi-strategy investment expertise.
Seviora will be set up as the operational holding company for four existing asset management companies currently wholly-owned by, or affiliated to, Temasek. These are Azalea Investment Management, Fullerton Fund Management Company, InnoVen Capital and Seatown Holdings International. The combined AUM of the group will be about S$75 billion.
A dedicated management team at Seviora will oversee the group’s strategy and growth of assets under management, as well as drive capital allocation to meet business requirements and growth opportunities. The group will provide access to a range of investment strategies across return profiles, asset classes and geographies.
Under the newly-formed structure, Seviora will work with the component entities on areas such as product development as well as marketing and distribution, with emphasis on collaboration and leveraging synergies.
The individual asset management companies will retain operational autonomy and continue to manage their investment strategies and organisational decisions, guided by their respective Boards and management. They will also remain as distinct entities and retain their existing branding.
Mr. Goh Yew Lin will be appointed Chairman of Seviora. Mr. Jimmy Phoon, currently 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.
“The asset management industry is in a period of rapid change, driven by shifting investor preferences, evolving asset classes and large concentrated pools of capital” noted Mr. Goh Yew Lin, Chairman, Seviora. “By bringing four successful but distinctly different asset management companies together, we see the opportunity to accelerate business growth through creation of scale, synergistic product offerings and greater investment in technology.”
Mr. Jimmy Phoon, CEO-designate, Seviora, added, “The formation of Seviora will enable the group to leverage capabilities of the asset management companies to build a leading Asia-based asset management group that provides access to a broad range of strategies. This new structure will allow us to maintain and build on the brands and investment track records of each asset management company; and to offer existing and prospective clients a more integrated suite of products tailored to their needs.”
Mr. Rohit Sipahimalani, Chief Investment Strategist at Temasek, shared, “Azalea, Fullerton, InnoVen and Seatown are recognised as specialists in their various product and strategy segments. Bringing them together will allow the combined group to further strengthen and leverage skillsets and capabilities, and to build a larger platform for future growth in the asset management space. In addition, the ability to allocate capital across strategies will enable Seviora to fund or seed new initiatives to better serve the evolving needs of investors.”
The transaction is subject to the relevant regulatory and other approvals, expected by the end of 2020.
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Temasek is an investment company with a net portfolio value of S$306 billion as at 31 March 2020. Our three roles as an Investor, Institution and Steward, as defined in our Temasek Charter, shape our ethos to do well, do right and do good. Our investment philosophy is anchored around four key themes: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. Our investment direction in Temasek is shaped by structural trends: longer lifespans, rising affluence and sustainable living drive social progress, enabled by technological solutions for sharing economies, smarter systems and a more connected world. We actively seek sustainable solutions to address present and future challenges, as we capture investment and other opportunities that help to bring about a better, smarter and more sustainable world. For more information on Temasek, please visit www.temasek.com.sg
Azalea Investment Management Pte. Ltd is the management arm of the Azalea Group. Azalea is an investor, developer and manager of private assets, starting with private equity (“PE”). The Azalea Group specialises in PE fund investments, with a focus on the development and innovation of new investment platforms and products to make PE accessible to a broader group of investors. The Astrea Platform and the Altrium fund of funds program are two such innovative products. The Astrea Platform brings retail investors in Singapore closer to PE through a series of investment products based on diversified portfolios of PE funds. There are five in the series to-date, with Astrea V being the latest addition to the Astrea Platform. The Altrium fund of funds program expands Azalea’s PE offering to a wider investor base that includes individuals who are accredited investors. Investors can co-invest with Azalea and enjoy privileged access to strong performing PE fund managers globally. The AUM of Azalea is S$7 billion as at 30 June 2020. For more information on Azalea, please visit www.azalea.com.sg
About Fullerton Fund Management Company
Fullerton Fund Management Company Ltd (“Fullerton”) is an Asia-based investment specialist with assets under management of S$54.9 billion as at 30 June 2020. At Fullerton, we are focused on optimising investment outcomes and enhancing investor experience. We help clients, including government entities, sovereign wealth funds, pension plans, insurance companies, private wealth and retail, from the region and beyond, to achieve their investment objectives through our suite of solutions. Our expertise encompasses equities, fixed income, multi-asset, alternatives and treasury management, across public and private markets. As an active manager, we place strong emphasis on performance, risk management and investment insights. Incorporated in 2003, Fullerton is headquartered in Singapore, and has associated offices in Shanghai, London, Tokyo and Brunei.
About InnoVen Capital
InnoVen Capital is Asia’s leading venture lending platform with offices in India, China and Singapore. It provides structured debt capital to high growth ventures. Started in 2008 as the first dedicated venture debt provider in India, the platform offers multiple debt capital solutions, including venture debt, acquisition finance, growth loans, and working capital support. Some of the prominent current & past investments include Byjus, Swiggy, Mining Lamp, Oyo Rooms, Akulaku, Momenta, CureFit, 17 Media, Edianzu, FirstCry, Dailyhunt, Carsome, Eruditus, Ruangguru, GreyOrange and Nium. The platform has invested over $650 million across more than 225 start-ups. For more information, please visit www.innovencapital.com
About Seatown Holdings International
Seatown Holdings International (Seatown), based in Singapore, was established in 2009 as an investment manager focused on global alternative, absolute-return strategies. Seatown offers and manages multi-asset and public credit strategies in open-end funds and segregated mandates, as well as private investments in closed-end funds. Our total asset under management is approximately S$7.9 billion as of 30 June 2020.