CDL of Singapore's 2nd richest man Kwek Leng Beng to hire dedicated CEO for fund management
City Developments, controlled by Singapore's second richest billionaire Kwek Leng Beng, plans to hire a dedicated CEO and management team for fund management as part of its new three-year strategy.
Singapore-listed property developer CDL of Singapore plans to hire a dedicated CEO for its fund management arm as part of its new strategy called GET+. The move aims to double assets under management (AUM) to S$10 billion (US$7.8 billion) by 2029 from the current S$5 billion. CDL currently manages AUM through various platforms, including CDL Hospitality Trusts, IReit Global, and private funds.
The new fund management entity will have its own investment committee and leadership team, with the primary goal of growing assets, fee income, profit and loss, and investor outcomes. CDL's CEO Sherman Kwek stated that the strategy is a response to the group's earlier failure to reach its 2023 fund-management AUM target of US$5 billion due to high interest rates and difficult fundraising conditions.
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