A large part of Keppel Corp’s proposed acquisition of Singapore Press Holdings (SPH) is about boosting Keppel Capital’s assets under management (AUM) and as a result, its fee income. Keppel Capital’s AUM would potentially grow by 27% from $37 billion to $47 billion through the addition of SPH REIT, SPH’s other retail assets, student portfolio and senior living.

During a results briefing on July 29, Christina Tan, CEO of Keppel Capital, had said that she hoped Keppel Capital’s AUM would rise to $50 billion by 2022. That target already looks out of date. Tan says her next target is $100 billion, but she declines to provide a time frame for that.

Why the focus on growing AUM?

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