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KEPPEL Corporation plans to consolidate its asset management interests under Keppel Capital Holdings for greater operational efficiencies.
Keppel Capital is a wholly-owned subsidiary of Keppel Corp.
In a release to the Singapore Exchange on Monday morning, Keppel said that this would involve its four subsidiaries in asset management - namely Keppel Infrastructure Fund Management (the trustee-manager of Keppel Infrastructure Trust), Keppel DC Reit Management (the manager of Keppel DC Reit), Keppel Reit Management (the manager of Keppel Reit), and Alpha Investment Partners (a fund manager).
Keppel Corporation will report the entities under a new consolidated reporting segment, together with its investments.
It said: "The proposed consolidation will also include the centralisation of certain non-regulated support functions in Keppel Capital, namely legal and compliance support services, human resource and general administrative support services, information technology support services and general accounting support services, and the transfer to Keppel Capital of certain existing employees of the entities who provide the support functions."
The restructuring would also enable easier recruitment of talent and improve the performance of the funds/trusts that the entities manage, it added.
Christina Tan, the present managing director of Alpha, will be appointed the CEO-designate of Keppel Capital. Ms Tan has over 20 years of experience in investing and fund management in the US, Europe and Asia.
With Ms Tan at the helm, Alpha has grown its assets under management to over S$12 billion.
Keppel Corp aims to complete the proposed consolidation by the second half of this year, subject to the relevant approvals.
After the restructuring has been completed, it may increase the scope of support functions to include regulated activities relating to investments and asset management. However, this would require the necessary licences and approvals from the Monetary Authority of Singapore.