Fullerton to manage NTUC Income's assets

Singapore

IN its quest for yield amid a low-interest rate and volatile financial environment, local insurer NTUC Income has appointed Temasek-owned Fullerton Fund Management Company as investment manager of its assets, worth around S$23 billion.

Under the partnership, Fullerton's holding company, FFMC Holdings Pte Ltd, will issue new shares to Income. This will give the insurer a significant minority stake in FFMC, while Temasek remains Fullerton's majority stakeholder.

The companies stressed that the proposed transaction is not a merger and that both firms will remain as independent entities, guided and managed by their res…