Fullerton Fund Management reported to take over NTUC Income's public-market portfolio

SINGAPORE - Fullerton Fund Management and insurer NTUC Income are reportedly teaming up to strengthen the investment operations of both firms.

Fullerton will take over the management of NTUC Income's public-market portfolio, estimated to be 80 per cent of its $29.4 billion under management, said investment website AsianInvestor on Thursday (Aug 31).

When contacted, a Fullerton spokesperson said: "As part of our corporate policy, we do not comment on industry speculation."

Industry sources have said both will benefit.

NTUC Income could tap Fullerton, an Asian and emerging market specialist, with investment capabilities that span equities, fixed income, multi-asset and alternatives.

Fullerton was incorporated in Singapore in 2003, and is a Temasek Holdings unit, with offices in Shanghai, Tokyo and London.

The asset manager could get more clients and resources by working with the insurer.

The deal has not been announced, but was reportedly agreed to six to nine months ago,with both parties still working out details, said AsianInvestor.

This comes after Fullerton announces changes in its senior investment leadership team on June 20.

For instance, Mr Ken Goh, formerly the chief executive of CIMB Principal Asset Management's Singapore office, was named its head of equities.

And Mr Vincent Chan, previously the Asia head of multi-asset products at Schroders Investment Management, was named co-head of multi-asset.

Mr Chan was previously with NTUC Income from 2013 to 2016, and managed the asset allocation and external fund managers team, and that experience could make the transition easier.

An NTUC Income spokesman told The Straits Times: "As a responsible and forward-looking organization, we are always assessing ways to improve our capabilities in order to serve our policyholders better. We will, from time to time, evaluate different opportunities that present themselves. Currently, we are unable to comment on any specific opportunity."