Singaporean co-operative insurer NTUC Income has teamed up with investment manager Fullerton Fund Management to fortify the investment operations of both companies, according to reports.
As part of the deal, Fullerton will assume responsibility for managing NTUC Income’s public-market portfolio, which makes up an estimated 80% of the insurer’s SGD$29.4 billion under management, it was stated in a report by AsianInvestor, citing industry sources.
The report added that the deal, which has yet to be announced by both firms, was agreed to six to nine months ago. Both parties are currently hammering out the finer details, it said.
NTUC Income, being the larger firm, is expected to be the senior partner. Mark Wang, NTUC Income’s chief investment officer, is likely to remain overall head of the investment team, said the report.
Fullerton is regarded as a specialist in the Asian and emerging markets, dealing in equities, fixed income, multi-asset, and alternative investments. It was established in 2003 and is a unit of Temasek Holdings, Singapore’s national wealth fund. It has overseas offices in Shanghai, London, and Tokyo.
According to experts, both firms stand to gain from the deal, with Fullerton providing the investment expertise and NTUC Income providing clients and resources.
Vincent Chan, Fullerton’s co-head of multi-asset, was formerly with NTUC Income, where he managed the asset allocation and external fund managers team from 2013 to 2016.
Representatives of both firms have yet to comment on the reported deal.
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