Temasek[/tag], a substantial holder of shares in banks such as DBS, Standard Chartered and ICBC, has entered a venture with Dymon Asia Capital to put money in new hedge fund managers.

Singapore’s sovereign wealth fund Temasek, a substantial holder of shares in banks such as DBS, Standard Chartered and ICBC, has entered a venture with Dymon Asia Capital to put money in new hedge fund managers, according to Bloomberg.

This publication sought comment from Temasek; it will update in due course.

Temasek will initially invest $500 million in Singapore-based Dymon, the latter firm’s president Jay Luo told the news service. Luo and Dymon managing director Ben Freischmidt will head up the venture, whose first investment will be in a global equity long-short hedge fund focused on the Asia-Pacific region. The fund is led by Carl Vine, a former SAC Capital Advisors manager, and plans to start in the third quarter of this year, the report added.

The SWF opened a London office at the start of April, a sign of how the state organisation, with its S$215 billion portfolio, is eager to spread its investment footprint worldwide. It also has offices in Singapore, Brazil, People's Republic of China, India, Mexico and Vietnam. It is expected that its other new office in New York will be fully operational some time later this year.