Income Insurance Awards CBRE Investment Management US$3 Billion Mandate
January 10, 2023
Income Insurance (“Income”), one of the leading composite insurers in Singapore, and CBRE Investment Management (“CBRE IM”) have signed an investment management agreement under which CBRE IM will take over the management of Income’s existing US$3 billion real estate portfolio, which includes direct and indirect holdings across APAC, North America and EMEA.
Established in 1970 as the only insurance co-operative in Singapore, Income is now a public non-listed company limited by shares following the corporatization exercise which saw the successful transfer of the co-operative’s insurance business to Income on 1 September 2022. Income is a social enterprise under NTUC Enterprise’s network of organization and continues to serve the protection, savings and investment needs of individuals, families and businesses today.
The appointment of CBRE IM follows an extensive competitive pitch process. CBRE IM has officially taken responsibility of the mandate from 1 January 2023.
Mark Shi, Chief Investment Officer of Income, said: “Real estate is a strategic asset class in Income’s investment portfolio. As our investment is diversified across physical properties and funds in Singapore and abroad, we are excited to collaborate with CBRE IM and leverage their global footprint and track record with the aim of delivering good long-term returns to our insurance policyholders.”
CBRE Investment Management said: “We are delighted that Income has chosen us to support them with their long-term real estate investment goals. With CBRE IM’s scale and global footprint, we can work together across multiple territories and investment strategies to seek to create a holistic approach for our client.”
Several team members who previously managed Income’s portfolio will also be joining CBRE IM.
“We’re thrilled to be welcoming these team members to our Singapore office. We look forward to working with Income to forge a new and collaborative client relationship with the aim to ensure exceptional long-term performance.”
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $143.9 billion in assets under management* as of September 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.