Offices planned for US and Europe

Offices planned for US and Europe

TEMASEK Holdings is looking West by establishing a ground presence in both the United States and Europe, in anticipation of economic recoveries in these huge, important developed markets.

And to move closer to possible opportunities there, Singapore's state investment company plans to set up an office in each region.

Mr Chia Song Hwee, who heads Temasek's Investment Group, said: "We believe that the economies in those two regions will come into play eventually.

"We need to have a ground presence in order for us to better tap and understand the market."

Temasek, which had an investment portfolio worth $198 billion as of March 31 last year, plans to set up shop on the US East Coast, revealed Mr Chia.

He said: "In Europe, it will be in the centre of activities, especially for an investor like ourselves, to minimise commuting."

Work is being done to make decisions soon on the precise locations of the offices, said Mr Chia.

The offices will start small, with "meaningful sized, five to 10 people", said Ms Juliet Teo, Temasek's managing director of investment.

The bulk of Temasek's portfolio is in Asia, but it has some investments in the US, Europe and other markets.

Last year, Temasek hinted at expanding its presence in the US and Europe by hiring Mr Boon Sim, Credit Suisse's former global head of mergers and acquisitions, and Mr John Cryan, the former chief financial officer of Swiss bank UBS. Mr Sim is now Temasek's president for the Americas, while Mr Cryan is president for Europe.

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