Keppel says no job losses in asset management business rejig

Christina Tan has been named the CEO-designate of Keppel Capital,

Keppel Corp will consolidate its interests in four asset management businesses under one subsidiary, Reuters has reported.

The new subsidiary, Keppel Capital, will manage assets worth $26 billion. The company said the move will help it expand its capital platform.

A company statement said the restructuring would not change the unitholdings in the property trusts or investments in the funds.

The move will not entail any job losses, it told Reuters. "Each business vehicle will continue to retain its key management and employees to ensure business continuity," the statement said.

"Creating and developing high quality real estate and infrastructure assets as well as stabilizing and monetizing them to generate strong cash flow and recurring income are integral parts of Keppel's business model. The consolidation under Keppel Capital is part of our continuing plan to grow our assets under management and expand our capital platform for co-investing," the company said in a statement.

The move brings together the managers of Keppel Infrastructure Trust, Keppel DC REIT, Keppel REIT and Alpha Investment Partners.

Christina Tan, who is managing director of Alpha, has been named the CEO-designate of Keppel Capital, the Business Times reported.

Keppel said the consolidation will be completed by the second half of this year.