Singapore state investor Temasek Holdings (TEM.UL) confirmed today that it is setting up a new global investment firm called Seatown, which will be headed by its chief strategist Charles Ong.

Reuters reported earlier today that Temasek is in the process of setting up a new multi-billion dollar investment firm that will adopt a multi-strategy approach.

Temasek gave no details on the size of the fund or strategy.

Financial website AsiaInvestor said Seatown will have US$3 billion ($4.2 billion) in assets.

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