Fullerton Fund Management Company Profile

Background

Fullerton Fund Management ("Fullerton") is a Singapore-based investment specialist established in 2003. The firm is dedicated to optimizing investment outcomes and enhancing the investor experience by offering a comprehensive suite of solutions across equities, fixed income, multi-asset, alternatives, and treasury management. Fullerton serves a diverse clientele, including government entities, sovereign wealth funds, pension plans, insurance companies, private wealth, and retail investors. Headquartered in Singapore, Fullerton has associated offices in Shanghai, Jakarta, and Brunei. The firm is part of Seviora, an independent asset management group owned by Temasek, with Income Insurance as a minority shareholder.

Key Strategic Focus

Fullerton's strategic focus centers on delivering innovative and sustainable investment solutions tailored to the unique needs of its clients. The firm emphasizes managing complexities to achieve exceptional outcomes, inspiring trust through stewardship and investment excellence. Fullerton's expertise spans multiple asset classes, including equities, fixed income, multi-asset, and alternatives, with a particular emphasis on the Asian markets. The firm leverages its deep understanding of regional dynamics to identify and capitalize on investment opportunities, aiming to generate value through innovative and sustainable solutions.

Financials and Funding

In March 2024, Fullerton successfully raised US$100 million in the anchor close of its Fullerton Carbon Action Fund. This private equity fund focuses on investing in companies at the forefront of accelerating decarbonization in Emerging Asia, targeting sectors such as manufacturing, industrials, energy, and electric vehicles/mobility. The fund aims to capitalize on the region's significant climate investment opportunities, projected to reach US$5 trillion by 2030. Anchor investors include Seviora Group and Income Insurance, both shareholders of Fullerton.

Additionally, in May 2022, Fullerton raised US$100 million for its Thai Private Equity strategy through KBank Private Banking. This strategy targets small to mid-market companies in Thailand, aiming to deliver substantial returns over a seven-year term by capitalizing on attractive post-COVID valuations.

Pipeline Development

Fullerton's investment pipeline includes the Fullerton Carbon Action Fund, which is evaluating several investment opportunities across Asia, with the target to close at least three transactions by the first half of 2024. The fund focuses on established, profitable businesses in sectors such as manufacturing, industrials, energy, and electric vehicles/mobility, aiming to drive growth through strategic support and capital infusion.

In the Thai market, Fullerton's Private Equity strategy seeks to invest in eight to twelve mid-sized companies, leveraging the firm's expertise to enhance operational efficiencies and governance structures, thereby unlocking value and achieving targeted profitability goals.

Technological Platform and Innovation

Fullerton distinguishes itself through a proprietary sustainability management framework that underpins its investment approach, particularly in the alternatives space. This framework is designed to drive significant decarbonization outcomes in portfolio companies, aligning with global efforts to transition to net-zero emissions. The firm's Alternatives team, with an average of 16 years of industry experience, employs this framework to identify and manage investments that offer both financial returns and positive environmental impact.

Leadership Team

Jenny Sofian – Chief Executive Officer

Jenny Sofian leads Fullerton's strategic development and management. With over two decades in asset management, she previously served as CEO and Head of South Asia at Amundi Singapore. Jenny is the Chairman of the Investment Management Association of Singapore and a member of the Monetary Authority of Singapore's Financial Centre Advisory Panel. She holds a BS in Business Administration from San Diego University, graduating Summa Cum Laude.

Ken Goh – Chief Investment Officer

Ken Goh sets the strategic direction for Fullerton's investment team and oversees portfolio performance. He joined Fullerton in 2017 as Head of Equities and was appointed Deputy CIO in 2020. Ken has held senior positions at CIMB Principal Asset Management, APS Asset Management, and the Government of Singapore Investment Corporation (GIC). He holds a First-Class Honours in Business Administration from the National University of Singapore and is a CFA charterholder.

Winston Thng – Chief Operating Officer

Winston Thng oversees Fullerton's operational controls and administrative framework. Prior to joining Fullerton in 2018, he was Deputy CEO and COO for Asia ex-Japan at Amundi Singapore. Winston holds an MBA from the University of Leicester and a Bachelor of Accountancy from Nanyang Technological University.

Mark Yuen – Chief Business Development Officer

Mark Yuen is responsible for Fullerton's business development strategies and oversees its international operations. He joined Fullerton from Eastspring Investments, where he was Head of Institutional Business & Client Management. Mark holds a Bachelor of Business (Honours) from Nanyang Technological University and is a Chartered Wealth Manager.

Wong Choong Keong – Chief Legal & Compliance Officer

Wong Choong Keong manages Fullerton's legal and regulatory compliance matters. He joined Fullerton in 2018 from Amundi Asset Management, where he was Chief of Risk, Legal & Compliance for South Asia. Choong Keong holds a Bachelor of Accountancy from Nanyang Technological University.

Patricia Yew – Chief Risk Officer

Patricia Yew oversees Fullerton's overall risk management. She joined Fullerton in 2019 from JP Morgan Asset Management, where she was Head of Risk Management, APAC. Patricia holds a degree in Finance (Honours) from the National University of Singapore.

Cen Hong – Chief Human Resources Officer

Cen Hong leads Fullerton's human resources strategy and initiatives. Prior to joining Fullerton in 2024, he was SVP and Head of People and Group Rewards at Great Eastern Life Assurance Co. Ltd. Cen holds an MBA with Distinction from the University of Warwick and a Bachelor of Business (Banking and Finance) (Honours) from Nanyang Technological University.

Ling Sow Kheng – Head of Corporate Strategy, Chief of Staff & China COO

Sow Kheng Ling spearheads Fullerton's strategic initiatives and supports the CEO office. She joined Fullerton in 2008 as Head of Operations and assumed the role of Chief Operating Officer of Fullerton’s China operations in 2016. Sow Kheng holds a Bachelor’s degree in Accountancy from the National University of Singapore.

Leadership Changes

In 2024, Cen Hong joined Fullerton as Chief Human Resources Officer, bringing over 20 years of experience from Great Eastern Life Assurance Co. Ltd., where he last held the position of SVP and Head of People and Group Rewards.

Competitor Profile

Market Insights and Dynamics

The asset management industry in Asia is experiencing significant growth, driven by increasing wealth, regulatory developments, and a growing emphasis on sustainable investing. The region's diverse economies present both opportunities and challenges, necessitating a deep understanding of local markets and regulatory environments.

Competitor Analysis

Key competitors in the Asian asset management space include:

• Eastspring Investments: The asset management arm of Prudential plc, offering a wide range of investment solutions across Asia.

• CIMB Principal Asset Management: A joint venture between CIMB Group and Principal Financial Group, providing investment management services in the region.

• Schroder Investment Management: A global asset management company with a strong presence in Asia, offering diverse investment strategies.

These competitors focus on various asset classes and markets, leveraging their global and regional expertise to serve a broad client base.

Strategic Collaborations and Partnerships

Fullerton has established significant partnerships to enhance its market position and innovation capacity:

• Maybank Singapore: In June 2021, Fullerton partnered with Maybank Singapore to launch the Fullerton Total Return Multi-Asset Income fund, designed to deliver regular payouts and capital appreciation across different life stages.

• KBank Private Banking: In May 2022, Fullerton collaborated with KBank Private Banking to raise US$100 million for its Thai Private Equity strategy, targeting mid-sized companies.