New Silkroutes Group has formed a joint venture to develop private equity funds that will focus on healthcare and infrastructure in Asia. A former UOB banker will head the asset management entity.
Singapore-based New Silkroutes Capital offers investment management and advisory services to institutions, enterprises and high-net-worth individuals. It also has a joint venture in New York that can develop structured products and private-label funds.
The Singapore-incorporated entity, New Silkroutes Asset Management, is 30 percent owned by NSG's subsidiary New Silkroutes Capital, 30 percent by Nanshan Group Singapore, 30 percent by former United Overseas Bank (UOB) executive Terence Ong Sea Eng (pictured), and 10 percent by Fuji Capital. New Silkroutes Asset Management, which is applying for the Capital Markets Services licence from the Monetary Authority of Singapore, will initially focus on the healthcare sector in the region.
Asia's Rising and Affluent Middle Class
With the number of people in the middle class in Asia Pacific expected to rise to 3.2 billion by 2030 from 525 million in 2009, this increase, together with growing affluence, is expected to drive demand for better quality medical treatment and care.
Terence Ong will head New Silkroutes Asset Management. The veteran banker retired recently from UOB after a 34-year career, during which he ran several of the lender's key divisions.
Member of Key Committees
His last position at the bank was Head of Group Global Markets and Investment Management, where he drove UOB's global treasury and asset management businesses.
He was also Chairman of UOB Asset Management and UOB Venture Management, and a member of several of the bank's key committees, including its management executive committee and investment committee.
