SINGAPORE (Aug 19): City Developments’ fund management segment under chief investment officer Frank Khoo appears to be taking shape. He has a target of $5 billion in assets under management (AUM) to be achieved by 2023, excluding the Profit Participation Securities (PPS), which are being gradually unwound. Since coming on board last year, Khoo has boosted CDL’s AUM by more than $2 billion (see table).

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