Singaporean investor Temasek opens London office
Temasek Holdings has established an office in London to support its investment interests in Europe, the Middle East and Africa. A New York base is expected to become operational later this year.
The government-controlled Singapore investment fund, which had S$215 billion ($169 billion) in assets under management as of March 2013, already has offices in Brazil, China, India, Mexico and Vietnam, as well as in its home country.
"We are a long term investor, celebrating our 40th anniversary this year. We invest into the longer term trends, and continue to see many opportunities emerge as the global economy rebalances," said Lim Boon Heng, Temasek's chairman, in a statement.
Asia accounts for 71% of the fund's assets, in keeping with its major investment themes of transforming economies, growing middle income populations, deepening comparative advantages and emerging champions. One quarter of assets are in the mature economies of North America, Europe, Australia and New Zealand.
Earlier this month, Temasek agreed to buy a 24.95% stake in A.S. Watson, a health and beauty retailer owned by Hong Kong tycoon Li Ka-Shing, for HK$44 billion ($5.7 billion.
It is expected to be the fund's single largest investment and represents a significant bet on the growth potential of the consumer sector in Asia. However, A.S. Watson's flagship asset, Watsons, is the largest health and beauty retailer in Europe as well as in Asia.
Temasek's activity for the 12 months ended March 2013 suggested that natural resources - particularly in North America and Europe - are becoming increasingly important with net investments of S$4 billion over the course of the year. Total net investments were S$7 billion.
Notable energy investments included the purchase of a 6% stake in Spain-based Repsol and a commitment to Cheniere Energy, which is building a liquefied natural gas (LNG) export terminal in the US. The latter deal was completed in partnership with RRJ Capital, which is said to count Temasek as one of its most significant LPs.
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