SINGAPORE (Dec 7): NTUC Income and Fullerton Fund Management Company (Fullerton) have entered into a strategic partnership to appoint Fullerton as the investment manager of a portfolio of Income assets estimated at $23 billion.

The proposed strategic partnership, when completed, will establish Fullerton as one of the largest locally-owned asset management companies in Singapore, with its assets under management (AUM) increasing to over $40 billion.

As part of the proposed partnership, FFMC Holdings (FFMC), the holding company of Fullerton, will issue new shares to Income. Upon completion of the transaction, Income will own a significant minority stake in FFMC, while Temasek remains the majority shareholder.

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