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- Dubai 04:59 06:13 12:27 15:53 18:36 19:50
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Fullerton Fund Management, a fund manager owned by Singapore state investor Temasek, said on Thursday it hopes to increase its third-party assets to $3 billion from $2.5 billion by the middle of this year. Fullerton sells hedge funds and other investments to institutions, rich individuals and retail investors. "We are managing about $2.5 billion of third-party assets, which is on target with our AUM (assets under management) goals. Our total third-party AUM goal is to reach $3 billion by about mid-2008," Fullerton Chief Executive Gerard Lee told Reuters. Besides third-party funds, Fullerton also manages part of its parent company's more than $100 billion in assets. It had $2 billion in third-party assets last May. Fullerton said earlier on Thursday it will market a fund invested in the Middle East and North Africa to investors in Asia. The fund will be managed by EFG-Hermes Asset Management, an firm with offices in Egypt, the United Arab Emirates, Qatar and Saudi Arabia. Fullerton aims to raise $100 million from Asian investors over 12 months, Lee said, adding that it is in talks to offer funds to Middle East investors through EFG-Hermes. (Reuters) Opinion
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