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Singapore’s Temasek-backed Fullerton cuts about 75% of China private fund team after years of struggling to scale

Mary Alavanza
By Mary Alavanza

SINGAPORE: Singapore’s Temasek-backed Fullerton Fund Management has cut its China private fund team from nearly 20 people last year to fewer than five after years of struggling to scale its operations, a person familiar with the matter told Reuters.

The source added that the onshore private fund unit also started liquidating its China-focused fund products earlier this year. 

Official fund association records showed it has liquidated three of its five funds, with the remaining two holding less than RMB10 million (S$1.83 million) in assets.

The source added that Fullerton plans to retain a small team to manage an outbound investment strategy through the Qualified Domestic Limited Partnership (QDLP) channel, which distributes feeder funds to local accredited investors without investing directly in China.

While Bloomberg reported on Friday that Fullerton plans to wind down its China private fund businesses, the firm told Reuters it remains fully committed to maintaining its presence in China, focusing resources on areas that best support clients and investment portfolios, though the firm provided no further details.

Temasek and its asset management arm Seviora, which oversees Fullerton, declined to comment. /TISG

Read also: Temasek-owned Seviora Group brings Pavilion Capital on board, lifting AUM to about S$94B

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