{
  "id": 10401941,
  "title": "CDL to hire dedicated CEO for fund management as it steps up push into private funds",
  "url": "https://urgent.news/2026/09/28/cdl-to-hire-dedicated-ceo-for-fund-management-as-it-steps-up-push",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-28T08:05:47.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/property/cdl-hire-dedicated-ceo-fund-management-it-steps-push-private-funds"
  },
  "original_language": "en",
  "account": "City Developments Ltd (CDL) is expanding its private fund management capabilities, with plans to hire a dedicated CEO and management team. The property conglomerate aims to double its assets under management (AUM) to S$10 billion by FY2029, a more ambitious goal than its 2018 target of S$5 billion by 2023. CDL's current AUM stands at S$5 billion as of June 30, primarily composed of S$3.5 billion under its CDL Hospitality Trusts and S$1.2 billion under IReit Global, along with S$300 million in private funds. The group will establish a dedicated fund-management entity with an investment committee and leadership team responsible for AUM growth, fee income, profit, and loss, and investor outcomes. CDL's core businesses, including property development, asset management, and hospitality, will provide an opportunity pipeline for managed vehicles. The company is also considering divesting certain assets to fund management, though not the entirety of its disposal pool. CDL's CEO, Sherman Kwek, emphasized that the company is committed to becoming a more active sponsor of its listed real estate investment trusts (Reits) and listed platforms. Kwek also mentioned that CDL intends to keep its involvement in any private equity fund managed by the group to a maximum of 20% of the limited-partner capital.",
  "summary": "The property giant is seeking to double its AUM to S$10 billion by FY2029",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Can CDL become a powerhouse in fund management?",
        "url": "https://urgent.news/2026/09/28/can-cdl-become-a-powerhouse-in-fund-management",
        "published": "2026-09-28T04:37:43.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}