Reshuffling the chairs aboard Temasek’s “hedge fund”

In Temasek on 19/07/2011 at 7:08 am

Charles Ong and Nasser Ahmad are quitting as co-CEOs of Seatown, the “hedge fund” of Temasek reports Bloomberg.

Mr. Ong, who is also senior managing director of special projects at Temasek, will remain at Temasek. Mr. Ahmad will be returning to fund management.

For the record, Charles Ong was the point man on the Shin Deal that lost billions.

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  1. It was highly suspected that Seatown was formed by Temasek to avoid the legitimacy issue given its aggressive & secretive portfolios. Now that the two men are stepping down, I find it hard that there’s no announcement of Executives who are helming it or taking over? Is it going back to Temasek under Ho Ching’s charge now? The point to ask – Is Temasek engaging in a cloak-& dagger operations such as quick set up & exit such as Seatown without the glare from its stakeholders at home?

  2. very very mysterious happenings within the Temasek stable.

    Seatown had only drawn upon 50% of the USD 2.9B pledged by Temasek and had gross returns of 15-17% (don’t know whether that was levered or unlevered returns) so far.

    Given that Seatown was not an outright failure (may have been below expectations), why are the key persons all jumping ship?

    BTW, if you bought S&P index at start of 2010 and hold until now, you’d have earned a 15% return (in USD terms) to date. Compared that to Seatown which earn about the same returns, managed by so called high price foreign talent!

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