Temasek last week announced the establishment of Sevoria Holdings, a Singapore-based asset management group that will offer a broad range of multi-asset and multi-strategy investment solutions.
Sevoria will be set up as the operational holding company for four existing asset management firms currently wholly-owned by or affiliated to Temasek, according to a statement from the firm. 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$75bn ($55.17bn). The transaction is subject to relevant regulatory and other approvals and is expected to be finalized by the end of the year, according to the statement.
Fullerton Fund manages Asia-focused equities, fixed income and mixed-asset mutual funds, as well as alternative solutions. Azalea focuses on private equity, while Innoven is a venture lending firm. Seatown, meanwhile, operates as a holding company and provides investment management services.
A dedicated management team at Sevoria will oversee the group’s strategy and growth of AUM, as well as drive capital allocation to meet business requirements and growth opportunities, according to the statement.
Under the newly formed structure, Sevoria will work with the four different entities on areas such as product development as well as marketing and distribution, with emphasis and leveraging synergies.
Temasek noted that the individual asset management firms will retail operational autonomy and continue to manage the investment strategies and organizational decisions, guided by their respective boards and management. They will also remain as distinct entities and retail their existing branding.
Goh Yew Lin, a director at Temasek, will be appointed as chairman of Sevoria. Jimmy Phoon, currently CEO of Seatown Holdings, will be appointed as Sevoria’s CEO-designate. He will hold both positions concurrently until a successor is appointed for Seatown Holdings.
“By bringing four successful but distinctly different asset management companies together, we see the opportunity to accelerate business growth through the creation of scale, synergistic product offerings and greater investment in technology,” Goh said in the statement.
“The 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,” Phoon added.
