Temasek Holdings Pte, Singapore’s state-owned investment company, said it has set up a U.K.-based unit that will focus on investments in the region.
John Cryan, president of Europe and co-head of the portfolio and strategy group, was named as one of the two directors of the new unit, Financial News reported earlier today. Stephen Forshaw, a spokesman for the investment company, confirmed in an e-mailed statement that the creation of the “U.K-incorporated entity” will help Cryan’s role.
The share of Temasek’s investments in Europe and North America increased to 11 percent of its portfolio as of March 2012 from 8 percent in the previous year, according to its latest annual review, published in July. Temasek paid 1 billion euros ($1.3 billion) for a 5.04 percent stake in Repsol SA (REP), the Spanish oil company said in March. It agreed to buy a 4.6 percent stake in German chemical maker Evonik Industries AG (EVK), a person familiar with the matter said in March.
The new unit “provides a suitable setup to match our investment activity in Europe, which will very much be a continuing focus for us,” Forshaw said in the statement. “The unit’s creation does not signal a shift in Temasek’s approach to transactions in the market. We have similar entities in other countries.”
Temasek “hasn’t made a commitment on that at this time,” Forshaw said in regards to whether the entity paves the way for the investment company to open an office in Europe.
The investment firm last year hired Cryan, the former chief financial officer of UBS AG, as its president for Europe.
The investment company has offices or affiliates in Mexico City, Sao Paulo, Mumbai, Beijing, Shanghai, Hong Kong, Chennai in India, as well as Ho Chi Minh City and Hanoi, both in Vietnam, according to its website.
Government of Singapore Investment Corp., the city-state’s other investment company, is planning to open a Sao Paulo office next year, a person familiar with the matter said last week.
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