* Co-CEO Nasser Ahmad previously ran a NY-based credit asset
* Temasek's senior MD Charles Ong also leaving Seatown's
* Temasek to name another senior MD as CEO Seatown-source
By Saeed Azhar
SINGAPORE, July 18 Nasser Ahmad, a Wall Street
credit specialist who led a S$4 billion ($3.2) multi-strategy
investment firm set up by Singapore state investor Temasek, is
leaving the company, sources with knowledge of the move said on
The former Credit Suisse banker, who was hired more than a
year ago as co-CEO of Seatown Holdings, is leaving and looking
for other options, one of the sources told Reuters.
Charles Ong, who worked with Ahmad, will also vacate his
role as co-CEO of Seatown and return to Temasek as senior
managing director for special projects, sources told Reuters.
A senior managing director from Temasek will take over as
the new chief executive officer of Seatown, one of the sources
said, without identifying the name of the executive.
The leadership change raises questions about the future of
the firm that was set up more than a year to derive maximum
returns akin to a hedge fund by investing in a broad range of
assets across the world.
Seatown, however, will continue to operate as a separate
unit, sources familiar with the fund said. These sources did
want to be identified because the information was not public. A
Temasek spokeswoman declined to comment.
The Wall Street Journal, which first reported the news,
quoted a source as saying the fund has drawn down around half
its $2.9 billion in seed capital, yielding gross returns of
Seatown, established with seed money from Temasek, was
preparing to raise funds from external investors to earn fees,
Temasek officials had said in the past.
Ong, a former banker at Lazard Freres & Co and Deutsche Bank,
has been with Temasek since 2002. Ahmad joined more than a year
ago, and before that was chief investment officer and managing
partner of New York-based DiMaio Ahmad Capital, an asset manager
specialising in credit markets.
Temasek Holdings , the smaller of Singapore's two
sovereign wealth investors, earlier this month said its
portfolio climbed 3.8 percent to S$193 billion ($158 billion) in
the 12 months to March 31 as Asian stocks outperformed global
It also reported net profit of S$12.7 billion for its
financial year to March 31, up from S$4.6 billion in
($1 = 1.218 Singapore Dollars)