Fullerton to Manage NTUC Income AUM of S$23 Billion, NTUC Acquires Minority Stake in Fullerton
Fullerton Fund Management and NTUC Income have entered into a strategic partnership. Fullerton Fund Management will be the investment manager of NTUC Income with AUM of S$23 billion while NTUC Income will acquire a minority stake (new share issuance) in Fullerton Fund Management under the strategic partnership.
” Fullerton Fund Management to Manage SGD 23 Billion NTUC Income AUM while NTUC Income owns minority stake in Fullerton “
The strategic partnership will establish Fullerton as one of the largest Singapore-owned asset management with AUM increasing to over S$40 billion. Temasek remains the majority shareholder.
Ken Ng, Income’s Chief Executive Officer:
“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.”
Png Chin Yee, Head, Financial Services, Temasek:
“We welcome Income as a new shareholder in Fullerton Fund Management Company. We are confident that the proposed partnership will further strengthen Fullerton’s position as an Asian and emerging market specialist, and deepen the capabilities that both organisations have to serve their client base.”
Jenny Sofian, Fullerton’s Chief Executive Officer:
“We are privileged to receive this strong validation from Income to be their trusted partner in investment management. As an investment specialist with aspirations to be a leader in asset management, we are very excited about working alongside Income and leveraging the potential opportunities that this proposed partnership will bring. Our priority is to ensure the continued delivery of strong investment performance and the highest level of service to our clients.”
Source: Official Press Release
About NTUC Income
Income was established in 1970 to provide affordable insurance for workers in Singapore. Today, two million people in Singapore look to Income for trusted advice and solutions when making their most important financial decisions. Income’s wide network of advisers and partners provide life, health and general insurance products and services to serve the protection, savings and investment needs of customers across all segments of society. Income’s social purpose is to make insurance accessible, affordable and sustainable for all.
In 2016, Income had over SGD32.9 billion in assets under management (AUM). Its financial strength and diversified investment portfolio is reflected by strong credit ratings which underpin the delivery of the firm’s commitment to customers.
About Fullerton Fund Management
Fullerton Fund Management is an Asian and emerging market specialist, with investment capabilities that span equities, fixed income, multi-asset and alternatives. We were incorporated in Singapore in 2003 and are a wholly-owned subsidiary of Temasek Holdings. Prior to our establishment, Fullerton’s investment team operated as the internal fund management division within Temasek, managing its capital resources since 1989.
Today, our clients span government agencies, pension plans, insurance companies, endowments, sovereign wealth and private wealth. With more than 20 years of experience in Asian financial markets, we build on our institutional heritage to provide our clients investment solutions that are long term, research-based and conviction-led.
- Origin: Singapore
- Founded: 2003
- AUM: SGD17.3 billion (30th September 2017)
Official Website: www.fullertonfund.com
News & Media: Press Release
Updated on 30th September 2017