Temasek’s asset manager Seviora expands to the Middle East

[SINGAPORE] Seviora Group, an asset manager that is wholly owned by Temasek, is widening its reach by opening its first office in the Middle East.

With US$54 billion in assets under management across public and private markets, Seviora said on Monday (Mar 24) that the office, located in the Abu Dhabi Global Market (ADGM), will help it tap the Middle East’s expanding asset management industry.

“The opening of our new office in Abu Dhabi marks a major step in our international expansion and highlights the strategic importance of the Middle East in our growth plans,” Jimmy Phoon, chief executive officer of the Singapore-headquartered company, said in a statement.

Seviora also appointed Sadiq Hussain as senior executive officer for its Abu Dhabi office to lead its Middle East operations.

According to Sadiq’s LinkedIn profile, he joined the company in February from Chicago-based Halo Investing, a wealth technology solutions provider. His 30-year career in financial services includes roles at ADGM, Bank of Singapore, EFG Hermes and JPMorgan.

The Abu Dhabi office adds to Seviora’s locations in Singapore, India, China and Indonesia.

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The company has more than 210 investment staff across its five asset management companies – Azalea Investment Management, Fullerton Fund Management, InnoVen Capital, SeaTown Holdings and Seviora Capital.

More Asian private wealth managers are setting up offices in the United Arab Emirates, which is drawing wealth partly due to its golden visa programme. This is on top of the more than US$4 trillion that Middle Eastern sovereign wealth funds have to deploy.

Other Singapore-based companies have also expanded to the Middle East recently. These include Mapletree Investments, a property manager owned by Temasek.