Temasek, one of Singapore's two sovereign wealth funds, is to set up a wholly owned subsidiary with an expected $3bn to $4bn available to invest when fully-established.
The unit, which has been named Seatown – the English translation of Temasek – will be led by Charles Ong, its chief strategist, and Nasser Ahmad, the co-founder of a New York-based hedge fund.
Temasek will provide seed finance to Seatown, which is also expected to attract backing from institutional investors.
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