Fullerton Fund Management

Fullerton is a wholly-owned subsidiary of Seviora Holdings, which is in turn backed by Temasek Holdings, Singapore's sovereign wealth fund. Seviora was established in 2020 to hold Temasek's asset management affiliates as a separate operating group, positioning those firms to attract third-party institutional capital alongside Temasek's own balance sheet.

No. Fullerton operates as a third-party asset manager serving institutional clients, not as an internal office for Temasek's reserves. Temasek manages its own portfolio directly. Fullerton's clients include insurers, pension funds, and sovereign entities across Asia that access its multi-asset and fund-of-funds strategies.

In private markets, Fullerton acts primarily as a fund-of-funds manager, selecting and committing to external general partners rather than investing directly in companies. It uses its Shanghai WFOE—established in 2017—to access onshore Chinese private equity and credit managers. In January 2023, it partnered with Orion Capital Asia to build a direct lending capability for private credit.

NTUC Income, one of Singapore's largest insurers, is a significant client of Fullerton. Fullerton manages investment mandates for Income's insurance general account, a relationship that traces back to the firm's early role as a dedicated asset manager for large Singaporean institutional pools.

Fullerton's client base is predominantly Asian institutions. Its regulatory registrations—including in Singapore under the MAS and its China WFOE—are structured for regional distribution. While it may take capital from global allocators through fund structures, it does not actively market to the US or European institutional market at scale.