Temasek Asset Management Unit Seviora Opens Shop in Abu Dhabi

Temasek Holdings Ltd.’s $54 billion asset management unit, Seviora Group, is moving into the Middle East, opening an office in Abu Dhabi, United Arab Emirates. Seviora Senior Executive Officer Sadiq Hussain was tapped to lead the firm’s business activities in the region.

Singapore-based Seviora Group was created by Temasek in 2020 as the operational holding company for four existing asset management companies either wholly owned by or affiliated with Temasek. The asset managers include Azalea Investment Management PTE Ltd., Fullerton Fund Management Co. Ltd., InnoVen Capital PTE Ltd. and Seatown Holdings International PTE Ltd.

“The opening of our new office in Abu Dhabi marks a major step in our international expansion and highlights the strategic importance of the Middle East in our growth plans,” Seviora Group CEO Jimmy Phoon said in a statement. “This move paves the way for further successful partnerships with local investors to meet their rapidly evolving needs.”

Seviora established the office in the city’s main financial center, the Abu Dhabi Global Market, a financial free zone on Al Maryah Island. The financial free zone is one in which financial activities are exempted from all federal UAE civil and commercial laws. According to the firm, it chose the United Arab Emirates capital to be a launching point to “tap into the region’s expanding asset management industry” and strengthen ties with local investors, asset managers and financial institutions.

Want the latest institutional investment industry news and insights? Sign up for CIO newsletters. 

“Seviora’s expansion into Abu Dhabi is a critical component in its growth trajectory and engagement with the region,” Hussain said in the announcement. “ADGM offers a world-class environment that fosters innovation, investment and financial services pedigree, and long-term value creation.”

Singapore’s Temasek Reports 5% Loss After ‘Most Challenging Year for Markets’

Abu Dhabi Launches Artificial Intelligence Tech Investment Vehicle MGX

Tags: Abu Dhabi, Abu Dhabi Global Market, ADGM, Jimmy Phoon, Sadiq Hussain, Seviora Group, Temasek, UAE, United Arab Emirates

Chad W. Phillips

Nuveen LLC, the investment manager of TIAA, today announced Chad W. Phillips as global head of Nuveen Real Estate, effective immediately. He takes over following Chris McGibbon’s decision to retire after nearly 25 years of service.

Phillips is now responsible for a portfolio of $141 billion in commercial real estate equity and debt investments, extending across 22 countries. He will also chair the Nuveen Real Estate global executive leadership team.

Phillips joined Nuveen in 2019. Most recently, he led a global team of sector specialists focused on workplace, health care, retail and mixed-use investments, overseeing the strategy, performance and day-to-day investment and fundraising activities across those sectors. He has nearly 25 years of experience in all facets of real estate investing and portfolio management, according to Nuveen. Phillips graduated with a bachelor’s degree from Davidson College and a master’s degree in real estate from Georgetown University.

“Chad is known for his leadership style, investment expertise and consistent commitment to client service,” said Mike Sales, Nuveen’s CEO of real assets, in a statement. “I have every confidence he will maintain our drive for excellence as he guides the platform into the future.”

For more stories like this, sign up for the CIO Alert newsletter. 

McGibbon plans to stay with the firm until his retirement on June 30.

“Over the course of nearly 25 years with TIAA and Nuveen, including the last six years as Global Head of Nuveen Real Estate, Chris has worked tirelessly to grow and transform our real estate business, which is now a top five global player,” said Sales in a statement, adding that McGibbon’s tenure “will leave a lasting impact on our real estate business.”

Tags: Chad W. Phillips, Chris McGibbon, Mike Sales, Nuveen, Real Estate