Singapore: Fullerton Fund to manage $17b NTUC Income portfolio

Singapore-based insurer NTUC Income has forged a strategic partnership with Temasek-owned Fullerton Fund Management Company that will see the latter become the investment manager of its portfolio assets estimated at S$23 billion ($17.05 billion).

The transaction is subject to regulatory approvals and other customary closing conditions.

The strategic partnership will see Fullerton’s holding company, FFMC Holdings Pte Ltd, issue new shares to NTUC Income, granting it a significant minority stake in FFMC. Temasek Holdings, Singapore’s state investor, remains the majority stakeholder. The deal is not a merger and will see both remain autonomous entities.

Additionally, if successful, the partnership will render Fullerton one of the largest locally-owned asset management companies in the city-state; its assets under management (AUM) will grow to more than S$40 billion ($29.6 billion), up from S$17.3 billion ($12.8 billion) as at 30 September 2017.

To ensure continuity in the management of assets at both firms, relevant NUTC Income fund management employees will be transferred to Fullerton as part of the deal.

In a statement, NTUC Income’s chief executive Ken Ng said, “As a responsible and forward-looking organisation, Income is always looking out for opportunities to create more value for our policyholders.”

“We believe this proposed partnership with Fullerton is in our best interest to leverage economies of scale and tap the established and deep investment expertise of our combined investment capabilities to serve our policyholders better.”

Also Read:

Fullerton Health secures backing of Ping An Capital in $121m deal

Temasek International, Fullerton make key appointments

Singapore NTUC Income’s accelerator selects first round of startups

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.