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CDL appoints group CIO to seek out new investments, set up fund management platform

CITY Developments Limited (CDL) has appointed Frank Khoo, 49, as group chief investment officer from Feb 1.

As group CIO, Mr Khoo will assist the group CEO in the sourcing and execution of new investment opportunities while also setting up a dedicated fund management platform.

Mr Khoo was global head for Asia at AXA Investment Manager - Real Assets from 2008 to 2017.

He has over 20 years of international experience in fund management, private equity, acquisition of real estate assets and the repositioning and restructuring of real estate businesses. He also has an extensive network of investors, ranging from insurance companies, pension funds and sovereign wealth funds to high net worth individuals across Asia and Europe.

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CDL group CEO Sherman Kwek described Mr Khoo as "an investment veteran with a wealth of experience in real estate investments and fund management across Asia and Europe".

His market expertise covers several of CDL's key overseas markets such as Australia and Japan.

"He has an outstanding proven track record of capital allocation, and CDL will undoubtedly benefit from his deep experience and keen foresight," Mr Kwek said.

In recent years, CDL has ventured into developing one-off, closed-ended fund structures known as profit participation securities (PPS).

It is looking to build up a fund management business that will provide strong recurring income over time while also enhancing the efficiency of capital deployment.

This may include establishing new co-mingled funds or joint ventures with various risk return profiles, acquiring existing fund management platforms and managing third-party capital.

"With Frank's in-depth knowledge in funds creation and management coupled with his strong network of institutional investors, he will be instrumental in growing this business and eventually establishing CDL as one of the world's leading asset managers," Mr Kwek said.

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