Fullerton Fund Management and local Singapore insurer NTUC Income announced a proposed strategic partnership. The agreement includes a portfolio of assets estimated at 23 billion Singapore dollars.
The proposed strategic partnership, when completed, will establish Fullerton as one of the largest locally-owned asset management companies in Singapore, with its assets under management (AUM) increasing to over S$40 billion.
Under the partnership, Fullerton's holding company, FFMC Holdings, will issue new shares to NTUC Income (Income), giving Income a significant minority stake in FFMC, while Temasek remains as the majority stakeholder, the investment manger said in a press release.
According to the announcement the companies said the proposed transaction is not a merger and that both firms will remain as independent entities, guided and managed by their respective board of directors. Swiss bank Credit Suisse acted as the sole financial adviser to Income for this deal.
Fullerton Fund Management was incorporated in Singapore in 2003 and is a subsidiary of Temasek the sovereign wealth fund owned by the government of Singapore.
