Singaporean fund manager Fullerton to set up London office
LONDON Feb 25 (Reuters) - Singapore's state investment agency's fund management arm, Fullerton, is to open an office in London to build up its business with European investors, Britain's finance ministry said on Tuesday.
Fullerton Fund Management, which specialises in Asian and emerging markets and manages about S$12 billion ($9.45 billion) in assets, cited Britain's initiative, launched last year, to improve tax and regulatory competitiveness as a major draw.
"Our choice to establish in the UK reflects the UK's strengths as a hub for asset management, and we have noted the improvements that have been made as part of the UK's Investment Management Strategy," Chief Executive Manraj Sekhon said.
Britain's asset management industry is the second-biggest in the world after the U.S., representing some 5.2 trillion pounds ($8.7 trillion) in assets under management, according to trade body, the Investment Management Association.
Fullerton's London office will be its first outside Asia and the UK finance ministry said it will apply soon for a licence from regulatory, the Financial Conduct Authority.
Finance minister George Osborne said the move represented a further sign that Britain is seen by overseas investors as "open for business".