Global Investments proposes to change its fund manager

MUTUAL fund company Global Investments has agreed to change its fund manager to Singapore Consortium Investment Management, which is headed by prominent business leader Boon Swan Foo.

Its current manager, ST Asset Management, has told Global Investments that its business strategy has changed. It also said its current focus is on managing funds of its related companies and thus is winding down the management of the funds of its external clients, Global Investments said in a filing to Singapore Exchange on Friday after markets closed.

The directors of Global Investments are thus proposing a special general meeting, to be held on April 29, to seek approval from shareholders for the proposed change in manager.

Global Investments' share price rose 0.78 per cent or 0.1 Singapore cent to close at 12.9 Singapore cents on Friday.