5.45 PM Friday, 1 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:25 06:38 12:34 15:53 18:24 19:38
01 March 2024

Temasek's Fullerton Fund targets $3bn in assets

By Agencies


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)