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Target Asset Management, one of Singapore’s most successful boutique fund managers, will wind down its operations as founder and chief investment officer Teng Ngiek Lian plans to retire.
Teng told Reuters he plans to wind down the US$2 billion ($2.7 billion) Target Asia Fund over the next four to five months.
“I celebrated my 60th birthday recently... As much as I enjoy my work as a fund manager, I also realise that it is time for me to move on to do some other things in the next phase of my life,” Teng said in a letter to investors.
