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Keppel Corporation on Monday (25 January) announced that it will consolidate its interests in four asset management businesses under one subsidiary, in a major restructuring exercise to the businesses’ contributions.
According to Keppel, the restructuring will not change the unitholdings in the REITS and business trust or investments in the funds. The businesses currently manage S$26 billion of assets and contributed S$60 million of profits last year.
“The consolidation under Keppel Capital is part of our continuing plan to grow our assets under management and expand our capital platform for co-investing,” said Keppel Corporation chief executive officer Loh Chin Hua.
The consolidation would include the managers of Keppel Infrastructure Fund, Keppel DC REIT, Keppel REIT, and fund manager Alpha Investment Partners Limited.
In a Reuters report, it is said that the company is not cutting jobs in light of the restructuring, saying “Each business vehicle will continue to retain its key management and employees to ensure business continuity.”
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