July 18, 2011 / 11:26 AM / 8 years ago

Joint head of Temasek's Seatown to leave -source

SINGAPORE, July 18 (Reuters) - Nasser Ahmad, co-chief executive of Seatown, a multi-billion dollar investment firm set up by state investor Temasek in 2010, will leave the firm, a source said on Monday.

Charles Ong, also co-CEO of Seatown, will return to Temasek where he had the title of senior managing director for special projects, the source familiar with the two moves told Reuters.

The source did not want to be identified because the information was not public.

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 15-17 percent.

Seatown, established with seed money from Temasek, has been planning to raise funds from external investors to earn fees as well, Temasek officials had said in the past.

A Temasek spokeswoman declined to comment.

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.

Temasek Holdings , the smaller of Singapore’s two sovereign wealth investors, 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 peers.

It also reported net profit of S$12.7 billion for its financial year to March 31, up from S$4.6 billion in 2009/2010. (Reporting by Saeed Azhar; Editing by David Hulmes)

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