Daily Briefing: Temasek assets could shrink to $300b; Singapore hit by Deutsche Bank job cuts

And private equity firm Elite Partners Capital invests $3m in TAG Sensors.

From Bloomberg:

Temasek Holdings may report its first decline to $300b in assets under management since 2016 as global trade uncertainties and volatile equity markets take their toll, according to CIMB Private Banking economist Song Seng Wun, who has been covering Temasek for over a decade.

Singapore’s state investor had $308b (US$226b) in AUM as of March 2018.

Investors globally are facing a tough environment as the trade war between China and the US clouds the market outlook and other issues like Brexit dent returns. Singapore’s sovereign wealth fund GIC last week said overhyped valuations in developed markets were also a concern.

Whilst an AUM decline in that vicinity would be within the range envisaged by Temasek in its 2018 annual report, it would only represent the fund’s third fall in a decade (AUM dipped in 2016 and again in 2009 during the global financial crisis).

Read more here.

From CNBC:

Whole teams in Deutsche Bank’s Asian operations, which includes Singapore, Hong Kong and Australia, were told their positions were gone as the lender began axing 18,000 jobs globally in one of the biggest overhauls to an investment bank.

The German bank launched the restructuring on Sunday in 7 July, outlining a plan that will ultimately cost $11.3b (US$8.31b) and see it dramatically scale back its investment bank - a major retreat after years of working to compete as a major force on Wall Street.

As part of the overhaul, the bank will scrap its global equities business and also cut some of its fixed income operations - an area traditionally regarded as one of its strengths.

Whilst the bulk of the 18,000 job losses are widely expected to fall in Europe and the United States.

Deutsche Bank gave no geographic breakdown for the job cuts when it announced the plan.

Read more here.

From e27:

Singapore-based private equity firm Elite Partners Capital (EPC) has invested $3m (US$2.2m) in Norwegian cold chain management specialist TAG Sensors.

In addition to the funding, EPC’s Elite InNorvate Growth LP, a Singapore-based fund dedicated to investments in Norwegian growth companies, has signed the agreement for a significant minority stake in TAG Sensors.

TAG Sensors will set up its Asian headquarters in Singapore to recruit local talent, set up IT infrastructure, and IP protection. With the deal, EPC will leverage on its network and resources to help TAG Sensors expand in Asia.

TAG Sensors provides solutions to track and log the temperature of perishable and sensitive products, both in storage and during transportation.

Read more here.