Singapore state investor Temasek Holdings has set up a new asset management group Seviora Holdings that will have S$75 billion ($55 billion) worth assets under management (AUM), it said in a press release.
Seviora will be set up as a holding company combining Temasek’s four existing asset management companies, Azalea Investment Management, Fullerton Fund Management Company, InnoVen Capital and Seatown Holdings International.
The new entity will offer a broad range of multi-asset and multi-strategy investment expertise. The official formation of Seviora will subject to the relevant regulatory and other approvals, expected by the end of 2020.
With this move, Temasek expects to leverage the 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,” said Jimmy Phoon, CEO-designate, Seviora, who is also the CEO of Seatown Holdings International.
The ability to allocate capital across strategies will enable Seviora to fund or seed new initiatives to better serve the evolving needs of investors, Temasek chief investment strategist Rohit Sipahimalani added.
The individual companies under Seviora will retain operational autonomy and continue to manage their investment strategies and organisational decisions, as well as remain as distinct entities and retain their existing branding.
Following the newly-formed structure, Seviora will work with the component entities on product development, marketing and distribution with an emphasis on collaboration and leveraging synergies.
Temasek director Goh Yew Lin will be appointed as the chairman of the newly-formed Seviora.
Temasek will appoint a dedicated management team at Seviora to oversee the group’s strategy and growth of assets under management, as well as drive capital allocation to meet business requirements and growth opportunities.