The assets under management (AUM) to be managed by GEM is around $500 million.
Separately, GEM will be setting up and managing a new fund, called GEM Asia Growth Fund.
The new fund will have an AUM of up to $200 million in assets.
The group will provide $60 million of funds to the new fund; it is currently in talks with various external parties to raise the remaining $140 million.
See also: Nikko AM plans launch of Amova MSCI AC Asia ex Japan ex China Index ETF
In addition, the company says it is in discussions with various parties for the set-up of family offices and asset management funds.
“We are currently in discussions with various partners and funds to manage third party funds. There continues to be strong demand for the set-up of new family offices and funds as well as progress in wealth management in Singapore and I believe that we will be able to consistently grow our AUM,” says Vincent Toe, CEO and CIO of the group.
Shares in YFJFH closed 2 cents lower or 4.3% down at 44.5 cents on May 11.
