Rising Competition for Singtel Prompts Henderson to Sell
- Henderson Global’s Asia funds have cut Singtel equity stake
- Shares dropped this month on spectrum costs, TPG entry
A pedestrian walks past a Singapore Telecommunications Ltd. (SingTel) store in Singapore.
Photographer: Nicky Loh/BloombergThis article is for subscribers only.
Rising competition in Singapore Telecommunications Ltd.’s key markets across Asia has prompted one of the world’s biggest independent money managers to sell the stock.
Henderson Global Investors, which oversees about $130 billion globally, sold its Singtel holdings in Asia-based portfolios last month, said Sat Duhra, who manages Asian dividend-focused investments for Henderson. Singtel’s key markets are growing more crowded as Australian carrier TPG Telecom Ltd. steps up its regional expansion, Duhra said.