$40 Billion Fullerton Fund Management & United Nations Development Programme Partner to Create Sustainability Management Framework to Guide Private Equity Climate Investing in Asia, Framework Provides Private Equity Firms Roadmap to Accelerate Net Zero Goals
20th April 2024 | Hong Kong
Singapore asset manager Fullerton Fund Management with $40 billion AUM (Assets under Management) & United Nations Development Programme have partner to create a sustainability management framework to guide private equity climate investing in Asia, with the framework providing private equity firms a roadmap to accelerate net zero goals. Fullerton: “Fullerton Fund Management (Fullerton) has partnered with the United Nations Development Programme (UNDP) to develop a Sustainability Management Framework to guide private equity climate investing in Asia, using UNDP’s SDG Impact Standards as a foundation. The framework offers private equity companies a roadmap to adopting practices that can help to accelerate their net zero goals. In Asia, the environmental and commercial case for climate investments is compelling, with the addressable market size for green businesses in Asia targeted to reach over US$4 trillion by 20301. Governments have made strong commitments to decarbonise their economies, and around $53.5 trillion of investments between 2020-2060 is required to meet the net-zero targets already announced. There are significant investment opportunities ahead and private equity can play a pivotal role alongside public spending in bridging the funding gap. Private equity investors are well-positioned to exert greater influence on portfolio companies over climate and sustainability issues. However, disclosure standards in the region are uneven and corporate disclosures remain lacking, particularly in emerging Asia. This poses challenges for climate investors who are looking to assess the material environmental issues, and their implications, for their investments. The Sustainability Management Framework guides private equity investors on how to integrate sustainability considerations and the sustainable development goals (SDGs) into their strategy, management, transparency and governance practices, to achieve their decarbonisation goals. Through the framework, climate investors can conduct a critical evaluation of the various possible investment practices and decide on the unique set of practices which aligns best to their investment mandates and stakeholders’ requirements.” In March 2024, Fullerton Fund Management announced $100 million raised in anchor close of the new Fullerton Carbon Action Fund to accelerate decarbonisation in emerging Asia, with the new fund to invest in established & profitable companies in manufacturing, industrials, energy, electric vehicles & mobility sectors. More info below:
“ $40 Billion Fullerton Fund Management & United Nations Development Programme Partner to Create Sustainability Management Framework to Guide Private Equity Climate Investing in Asia, Framework Provides Private Equity Firms Roadmap to Accelerate Net Zero Goals “
Huck Khim Tan, Deputy Chief Investment Officer and Head of Alternatives at Fullerton Fund Management: “As an investor of private capital in Asia, we recognise that sustainability issues have considerable implications for a company’s investment value, particularly for private equity, which has a long investment horizon. With the launch of this Sustainability Management Framework with support from the UNDP, we are committed to integrating sustainability considerations in our private equity climate investments. More importantly, we hope to share this framework and insights from real-world case studies with our peers, to enable them to evaluate the relevant sustainability aspects required to optimise decarbonisation in the region.”
Haoliang Xu, UN Under Secretary General and Associate Administrator of the United Nations Development Programme: “The private sector has a significant role to play in accelerating Asia’s decarbonisation, including in collaboration with and alongside efforts from actors in the public and multilateral domains. Recognising this, we are delighted to collaborate with Fullerton Fund Management to develop this Sustainability Management Framework, leveraging the UNDP’s SDG Impact Standards for private equity funds. This framework is useful for climate investors who are looking to align their internal practices and decision-making to achieve their decarbonisation goals.”
About Fullerton Fund Management – Fullerton Fund Management Company Ltd (“Fullerton”) is an active investment specialist, focused on optimising investment outcomes and enhancing investor experience. We help clients, including government entities, sovereign wealth funds, pension plans, insurance companies, private wealth and retail, from the region and beyond, to achieve their investment objectives through our suite of solutions. Our expertise encompasses equities, fixed income, multi-asset, alternatives and treasury management, across public and private markets. As an active manager, we place strong emphasis on performance, risk management and investment insights. Incorporated in 2003, Fullerton is headquartered in Singapore, and has associated offices in Shanghai, Jakarta and Brunei. Fullerton is part of a multi-asset management group, Seviora, a holding company established by Temasek. Income Insurance, one of Singapore’s leading insurers, is a minority shareholder of Fullerton.
About United Nations Development Programme (“UNDP”) – As the United Nations lead agency on international development, UNDP works in 170 countries and territories to eradicate poverty and reduce inequality. UNDP helps countries to develop policies, leadership skills, partnering abilities, institutional capabilities, and to build resilience to achieve the Sustainable Development Goals. UNDP’s work is concentrated in three focus areas; sustainable development, democratic governance and peace building, and climate and disaster resilience.
About UNDP Sustainable Finance Hub – The UNDP Sustainable Finance Hub (SFH) brings together UNDP’s financial expertise to harness public and private capital for the Sustainable Development Goals (SDGs)- supporting governments, investors and businesses in reaching climate, social impact and sustainability targets. Its work drives systemic change towards a sustainable financial architecture that benefits people and the planet. SDG Impact is a global flagship initiative of SFH, established to accelerate private sector investment and activity towards sustainability and achievement of the SDGs by making it easier for businesses and investors to embed impact into their internal management and decision-making practices, as well as direct capital to where it can make the most difference to people and planet.
$40 Billion Fullerton Fund Management Raised $100 Million in Anchor Close of Fullerton Carbon Action Fund to Accelerate Decarbonisation in Emerging Asia, Invests in Established & Profitable Companies in Manufacturing, Industrials, Energy, Electric Vehicles & Mobility Sectors, Focusing on Mid-Market Leaders in Southeast Asia, India & China, Provides Capital Strategic Support to Portfolio Companies Such as New Market Entry, M&A and Sustainability Improvements, Anchor Investors are Temasek Subsidiary Seviora Group & Singapore Leading Insurer Income Insurance Who are Shareholders of Fullerton Fund Management
21st March 2024 – Singapore asset manager Fullerton Fund Management with $40 billion AUM (Assets under Management) has announced $100 million raised in anchor close of the new Fullerton Carbon Action Fund to accelerate decarbonisation in emerging Asia, with the new fund to invest in established & profitable companies in manufacturing, industrials, energy, electric vehicles & mobility sectors. The Fullerton Carbon Action Fund will focus on mid-market leaders in Southeast Asia, India & China, and will provide capital strategic support to portfolio companies such as new market entry, M&A and sustainability improvements. The anchor investors are Temasek subsidiary Seviora Group and Singapore leading insurer Income Insurance, who are both shareholders of Fullerton Fund Management. Announcement: “Fullerton Fund Management (“Fullerton”) has successfully raised US$100 million in the anchor close of its Fullerton Carbon Action Fund. This unique private equity fund captures the enormous climate market opportunity in Emerging Asia by investing in companies at the forefront of accelerating decarbonisation in the region. Asia accounts for over 50% of the world’s carbon emissions and represents a US$5 trillion climate investment opportunity by 2030. The region’s climate sector is well-positioned for long-term growth driven by fundamentals that are critical in the world’s transition to net zero. The acceleration of local and global climate regulations, also serve as strong tailwinds for the sector. Within Asia, there is a clear impetus and focus to actively pursue decarbonisation outcomes, and countries have announced their carbon neutrality timetable as proof of their commitment – China 2060, Singapore 2050, Indonesia 2060 and India 2070. The Fund will invest in market leading businesses in the rapidly growing manufacturing, industrials, energy, and electric vehicles/mobility sectors. It will seek established, profitable and robust cash flow businesses, and avoid earlier stage venture capital investments as well as infrastructure related deals. These target companies have lower inherent downside risks and are well-positioned to deliver attractive financial returns over the long-term. Focusing on leaders in the mid-market space in Southeast Asia, India and China, the Fund provides strategic support alongside capital to drive the growth of its portfolio companies in areas such as new market entry, M&A and sustainability improvements. Backed by a strong pipeline of proprietary deals, the Fund is currently evaluating several investment opportunities across Asia, with the target to close at least three transactions by the first half of 2024. The Fund is managed by Fullerton’s seasoned Alternatives team, who have an average of 16 years industry experience. The investment approach is underpinned by a proprietary sustainability management framework that seeks to drive significant decarbonisation outcomes in portfolio companies. Seviora Group, a Singapore-based asset management group wholly owned by Temasek Holdings, and Income Insurance Limited, one of Singapore’s leading insurers, are the anchor investors for this strategy. As shareholders of Fullerton, Seviora and Income Insurance are committed to supporting investment strategies that can help to address climate change while seeking to deliver attractive risk-adjusted returns for investors.” In 2023, Fullerton Fund Management and Indonesia fintech investment platform Stockbit launched joint venture PT Grow Investments Indonesia targeting at institutional, retail & private wealth investors. More info below:
Jenny Sofian, CEO, Fullerton Fund Management: “With the acceleration of the decarbonisation roadmap in Asia, we are at an inflexion point where the fight against climate change coincides with the emergence of very compelling growth areas in private equity. This strategy provides an avenue to ride the decarbonisation wave and advance the net zero agenda in the region, while capturing long-term opportunities.”
Jimmy Phoon, CEO, Seviora Group: “The need for collective action on climate change has never been greater. Carbon transition in Asia will require significant capital to drive the development and adoption of solutions that can make a substantial impact on the environment within a tangible timeframe. By leveraging Fullerton’s understanding and investment expertise in the decarbonisation space, we aim to achieve positive environmental change alongside an attractive risk-return profile.”
David Chua, Chief Investment Officer, Income Insurance: “As a significant asset owner who is invested globally, the choices of our capital allocation in financial markets can support climate transition and contribute to positive changes. Hence, we prioritise reduction of financed emissions, allocation of capital towards sustainable investments, and transition financing to advance Net Zero 2050. We are committed to this global cause and delighted to invest in Fullerton’s decarbonisation solution in Asia, and partner their expertise on this front.”
Fullerton Fund Management Company Ltd (“Fullerton”) is an active investment specialist, focused on optimising investment outcomes and enhancing investor experience. We help clients, including government entities, sovereign wealth funds, pension plans, insurance companies, private wealth and retail, from the region and beyond, to achieve their investment objectives through our suite of solutions. Our expertise encompasses equities, fixed income, multi-asset, alternatives and treasury management, across public and private markets. As an active manager, we place strong emphasis on performance, risk management and investment insights. Incorporated in 2003, Fullerton is headquartered in Singapore, and has associated offices in Shanghai and Brunei. Fullerton is part of a multi-asset management group, Seviora, a holding company established by Temasek. Income Insurance, one of Singapore’s leading insurers, is a minority shareholder of Fullerton.
$40 Billion Fullerton Fund Management & Indonesia Fintech Investment Platform Stockbit Launch Joint Venture PT Grow Investments Indonesia Targeting at Institutional, Retail & Private Wealth Investors, Led by President Director Yenwy Wongso with Over 20 Years of Asset Management Experience Including at Fullerton Fund Management and Ashmore Asset Management
9th August 2023 – Singapore asset manager Fullerton Fund Management with $40 billion AUM (Assets under Management) and Indonesia fintech investment platform Stockbit have launched joint venture PT Grow Investments Indonesia targeting at institutional, retail & private wealth investors. PT Grow Investments Indonesia is led by President Director Yenwy Wongso, who has over 20 years of asset management experience including at Fullerton Fund Management (Portfolio Manager / Equity Analyst) and Ashmore Asset Management (Senior Equity Portfolio Manager). Grow Investments: “The firm will offer a suite of investment solutions to meet the unique needs and investment objectives of investors, from retail and private wealth to institutional investors … … In response to the evolving landscape for wealth management, Grow Investments intends to tap the exceptional and multi-faceted growth potential in Indonesia through its bespoke investment solutions that can benefit investors across the country. With a productive-age population of more than 190 million people, Indonesia is one of Southeast Asia’s most dynamic markets, which will drive demand for financial products and services. The wealth management landscape in the country has also changed significantly in the past four years. In 2018, the volume of mutual funds transactions only totalled one million transactions, while in 2022 the number has grown to 29.4 million transactions. This rapid growth is attributed to the role of technology in making investment more accessible, combined with rising prosperity and the increased demand from investors. Although the number of investors in Indonesia has grown by 38% year-on-year in 2022, only 4% of the population are currently investing in capital market products, lower than Singapore and Malaysia where the number has reached over 25% and 9% respectively. The name “Grow Investments” is a nod to the philosophy of the brand to help clients grow their investments over time. It’s a testament to the firm’s relentless commitment to find better ways to support and serve investors through changing market conditions. It also symbolises the firm’s aspiration to grow alongside and flourish with its clients.” In May 2023, Fullerton Fund Management and Stockbit had acquired Indonesia PT Ayers Asia Asset Management (Asset Manager based in Jakarta), forming a strategic partnership to develop investment products for Indonesia investors (retail, intermediaries, institutions). Indonesia is the largest economy in Southeast Asia with $1.2 trillion GDP and with 281 million population. More info below.
Yenwy Wongso, Grow Investments President Director: “By leveraging Stockbit’s digital first approach, deep understanding of the local market, and Fullerton’s award-winning investment capabilities in global markets, Grow Investments will focus on generating positive, long-term risk-adjusted returns to help investors grow their wealth. This ties closely with the firm’s strategy to be a trusted partner and manager for investors across Indonesia … … With the rapid economic growth that Indonesia is experiencing, individual and institutional investors’ requirements are becoming more sophisticated. Grow Investments is deeply committed to creating quality investment solutions to help investors meet their investment objectives. In doing so, we offer diversified and differentiated solutions that combine global expertise and local insights to address the current gaps in the market.”
PT Grow Investments Indonesia (“Grow Investments”) is a Jakarta-based asset management firm that will manufacture and distribute quality investment solutions for a wide spectrum of investors across retail, private wealth and institutions. By orchestrating digital capabilities, local insights, and global investment experience, Grow Investments aspires to offer diversified and differentiated investment solutions to help its clients grow their assets over the long term while focusing on ensuring robust risk management. Grow Investments is a joint venture between PT Stockbit Investa Bersama (“Stockbit”) and Fullerton Fund Management Company Ltd (“Fullerton”). Grow Investments is licensed and supervised by the Financial Services Authority (“OJK”).
$40 Billion Fullerton Fund Management & Indonesia Fintech Investment Platform Stockbit Jointly Acquire Indonesia PT Ayers Asia Asset Management, Forms Strategic Partnership to Develop Investment Products for Indonesia Investors
30th May 2023 – Singapore asset manager Fullerton Fund Management with $40 billion AUM (Assets under Management) and Indonesia fintech investment platform Stockbit have jointly acquire Indonesia PT Ayers Asia Asset Management (Asset Manager based in Jakarta), forming a strategic partnership to develop investment products for Indonesia investors (retail, intermediaries, institutions). Official Statement: “This strategic partnership brings together complementary capabilities. Stockbit’s digital investing platform and local insights combined with Fullerton’s investment expertise will allow the collaboration to bring innovative products and solutions to investors in Indonesia. Stockbit was founded with the mission to help Indonesians achieve a secured financial future. Stockbit’s digital-first approach enables investors to build portfolios according to their risk profile and investment goals in a simple and optimal way. Stockbit’s products and services covers a broad range of asset classes, including stocks, bonds and mutual funds. Fullerton is an established, active investment specialist with 20 years of experience investing across asset classes, markets, sectors and geographies. It has a strong focus on risk management, and its clients include sovereign wealth funds, insurance companies, family offices, private wealth and retail channels across Asia, Europe and the Americas.” Indonesia mutual fund is less than 4% of Indonesia GDP (Indonesia Central Securities Depositary, KSEI). The mutual fund to GDP ratio is 35.8% in Malaysia, 30.3% in Thailand and 15.8% in India (World Bank). Indonesia is the largest economy in Southeast Asia with $1.2 trillion GDP and with 281 million population. Indonesia stock market total capitalisation is $629 billion (March 2023), Singapore stock market total capitalisation is $612 billion (March 2023), and Hong Kong stock market total capitalisation is $4.5 trillion (April 2023).
Fullerton Fund Management is part of a multi-asset management group (Seviora, holding company established by Temasek), with Income (leading Singapore insurer) a minority shareholder of Fullerton.
$40 Billion Fullerton Fund Management & Indonesia Fintech Investment Platform Stockbit Jointly Acquire Indonesia PT Ayers Asia Asset Management
Fullerton Fund Management and Indonesia fintech investment platform Stockbit jointly acquire Indonesia PT Ayers Asia Asset Management (Asset Manager based in Jakarta), forming a strategic partnership to develop investment products for Indonesia investors (retail, intermediaries, institutions).
Sigit Kouwagam, CEO & Co-founder of Stockbit:
“Stockbit sincerely appreciates the guidance from the Financial Services Authority (OJK) and would like to thank OJK for their continuous support. We are delighted to partner with Fullerton, an award-winning fund manager with deep investment expertise and strong focus on risk management. We believe Fullerton’s strong track record to deliver quality investment solutions will benefit investors in Indonesia.”
Jenny Sofian, CEO, Fullerton Fund Management:
“Fullerton is excited to enter the Indonesian market with Stockbit, a fast-growing fintech player with a prominent brand and deep understanding of the diverse needs of investors in Indonesia.
Their ambition to making investment solutions widely accessible, complements our commitment to design quality offerings to meet the needs of this rapidly expanding and dynamic market.”
About Stockbit
In 2013, Stockbit was established as a platform for investors to share stock-investing ideas, news, and information in real-time. In early 2019, Stockbit launched Bibit, the leading mutual fund robo-advisory investment app in Indonesia. As part of Stockbit Group, Bibit continues to focus on building innovative products and services to democratize investing in the country’s capital market, as well as enabling its users to invest in diversified asset classes such as mutual funds, primary and secondary government bonds such as Obligasi Negara Ritel (ORI), Savings Bond Ritel (SBR), Sukuk Tabungan (ST), Sukuk Ritel (SR), Fixed Rate (FR), and stocks. In 2021, Stockbit entered the brokerage business through Stockbit Sekuritas. In 2023, Stockbit is entering the investment management industry in collaboration with Fullerton Fund Management. For more information, please visit bibit.id and Stockbit.com.
(Founded in 1990 under the name PT Mahakarya Artha Sekuritas and registered with the OJK with license number KEP-132/PM/1992, PT Mahakarya Artha Sekuritas continues to be committed to increasing the number of investors in Indonesia to help the national economy. In December 2021, PT Mahakarya Artha Sekuritas was officially acquired and changed its name to PT Stockbit Sekuritas Digital. As a securities company with experience, PT Stockbit Sekuritas Digital is committed to continuing to innovate and provide investors with easy, safe and reliable investment services and experiences through world-class technology to facilitate the public in investing easily in the Indonesian capital market through trading services. modern online stock. Through the Stockbit social investment application, investors can discuss and conduct stock transactions online. Securities account opening can also be done through the Stockbit application which can be downloaded via the Playstore and Appstore.)
About Fullerton Fund Management
Fullerton Fund Management Company Ltd (“Fullerton”) is an active investment specialist, focused on optimising investment outcomes and enhancing investor experience. We help clients, including government entities, sovereign wealth funds, pension plans, insurance companies, private wealth and retail, from the region and beyond, to achieve their investment objectives through our suite of solutions. Our expertise encompasses equities, fixed income, multi-asset, alternatives and treasury management, across public and private markets. As an active manager, we place strong emphasis on performance, risk management and investment insights. Incorporated in 2003, Fullerton is headquartered in Singapore, and has associated offices in Shanghai, London, and Brunei. Fullerton is part of a multi-asset management group, Seviora, a holding company established by Temasek. Income, a leading Singapore insurer, is a minority shareholder of Fullerton. FVisit www.fullertonfund.com
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