SINGAPORE: Singapore’s Temasek-backed Fullerton Fund Administration has minimize its China personal fund group from almost 20 folks final yr to fewer than 5 after years of struggling to scale its operations, an individual conversant in the matter advised Reuters.
The supply added that the onshore personal fund unit additionally began liquidating its China-focused fund merchandise earlier this yr.
Official fund affiliation information confirmed it has liquidated three of its 5 funds, with the remaining two holding lower than RMB10 million (S$1.83 million) in property.
The supply added that Fullerton plans to retain a small group to handle an outbound funding technique by way of the Certified Home Restricted Partnership (QDLP) channel, which distributes feeder funds to native accredited traders with out investing straight in China.
Whereas Bloomberg reported on Friday that Fullerton plans to wind down its China personal fund companies, the agency advised Reuters it stays absolutely dedicated to sustaining its presence in China, focusing sources on areas that finest help purchasers and funding portfolios, although the agency supplied no additional particulars.
Temasek and its asset administration arm Seviora, which oversees Fullerton, declined to remark. /TISG
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