FUND manager Lion Capital, partly owned by Oversea-Chinese Banking Corp, aims to grow assets under management to $50 billion within five years from $34 billion at the end of June, its chief executive said
Mr Chan: Sees asset growth to $50b as a realistic, if not easy, target'We'd like to grow to at least $50 billion in that timeframe,' chief executive Daniel Chan told Reuters in an interview yesterday.
'I think it's a realistic target. It's not easy. We do need the performance numbers to be sustained. We do need good effective marketing, institutional marketing to happen before we see the institutional money come in.'
Lion Capital Management Ltd is 70 per cent owned by Great Eastern Holdings and 30 per cent by OCBC.
In early August, OCBC said Lion Capital was managing $5.7 billion worth of collateralised debt obligations. Of that, $1.5 billion worth of assets had subprime exposure.
Mr Chan said the $1.5 billion figure had not changed significantly in the last month, noting the firm held the more highly rated classes of sub-prime exposed CDOs. 'These are high-grade CDOs, which means we only invest in the higher-grade pieces of the underlying mortgages,' he said.'As far as I know I don't think we have sold any.' - Reuters
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