Temasek's Fullerton Fund targets $3bn in assets
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)
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