Temasek sets up investment firm
February 11th, 2010 | 
Author: By Gabriel Chen from Straits Times
TEMASEK Holdings has launched an investment company with a war chest of up to $5 billion.
Called Seatown Holdings, the firm will be headed by Mr Charles Ong, currently Temasek’s chief strategist, and be based at The Atrium at Orchard.
As yet, Temasek has not disclosed the exact sum of money at Seatown’s disposal, or its investment strategy.
But sources said that it will seed the firm with between $2 billion and $5 billion and that it will be structured along ‘much more commercial’ lines.
This could mean the inclusion of ‘entrepreneurs’ on its board.
Many observers predict Seatown, which is the English word for Temasek, will adopt a multi-strategy approach, investing in a range of assets rather than purely stocks and bonds.
The wholly owned firm could even allow Singaporeans to co-invest with the state firm in emerging markets – a concept Temasek chief executive Ho Ching floated some months ago.
A small core team has been seconded from Temasek to run the outfit, with more personnel expected to come on board in the coming weeks.
Acting as co-chief executive alongside Mr Ong at Seatown will be Mr Nasser Ahmad, with Ms Margaret Lui assuming the role of chief operating officer.
Mr Ahmad is co-founder of New York-based hedge-fund firm DiMaio Ahmad Capital LLC, while Ms Lui is managing director of investments at Temasek.
The unveiling of Seatown comes at a time of stepped-up bond market activity for Temasek.
Since October last year, it has raised more than $4 billion through bond sales.
Analysts have suggested that Seatown will eventually take in third-party money, allowing the public to jointly invest with it in projects.
Read rest of article on Straits Times
Posted in Snippets
Singapore’s GIC to convert UBS notes into shares-filing
SINGAPORE, Feb 11 (Reuters) – Singapore’s sovereign wealth fund GIC will convert 11 billion Swiss francs ($10.33 billion) worth of UBS (UBSN.VX) notes into shares on March 5, according to a U.S. regulatory filing, at a price that shows a 70 percent erosion in its investment in the Swiss bank.
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co-invest with seatown??? o my, whatever temasek or ho jinx in particular touches turns to dirt. no thanks!!!
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ho jinx is a very powerful good REVERSE indicator …lol
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Goodness already TM & GIC without no transparency and accountability already lost so many billions and now they even want to expand further for another investment corp??? singaporeans die faster.
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Shittown? Anything Ho Jinx touches will turn to shit. So this investment company is publicly owned or privately owned (by who)? Where do the 5 billion funds come from?
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fools are people who expect different results when the same people are running the show
SINGAPOREANS ARE NOT FOOLS
VOTE FOR CHANGE, VOTE PAP OUT, VOTE OPPOSITION
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Remember Shin? There is a link between Shin and Seatown
http://atans1.wordpress.com/2010/02/12/the-link-between-shin-and-temasks-new-toy/
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I read this yesterday evening on the plane back to Singapore…my immediate thoughts were…
1. Charles Ong given a 2nd chance – after the Shin Corp debacle. Maybe there are other debacles…He maybe Singaporean but I like the fact that he spend his youth in International Firms and Overseas.
2. Temasek did float the idea that they are not responsible for tax payers monies and so therefore, not accountable and so therefore no need to be transparent to Singaporeans.
Creating Seatown now will be a win win situation for Temasek’s top guns…
If Charles screw up – then they will hold the moral high ground and punish the management of Seatown (fire his ass) and say “these young people were given a chance, so it is not our fault and let’s try again”
Seatown will now be the one that needs to be transparent and accountable – so that’s the red herring that our stupid born and bred and chase after.
If Charles do well – they will say that “we knew his potential and gave him another chance, despite the Shin Corp debacle” …by the way, Temasek owns Seatown and so therefore their success is our success.
Picture this – the Owner (Temasek) is throwing a Bone (Charles Ong) to the Dog (us, born and bred singaporeans) to chase.
Now Picture this….what if the Dog is not so stupid and chase after the Bone and keeps barking at the Owner?
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