<ALERT> City Developments Ltd (CDL) – News Analysis: Group CIO resigned
- City Developments Group CIO, Frank Khoo has just resigned for personal reasons
- Frank joined in Feb 2018 and we have seen City Developments venturing into various new opportunities including UK commercial buildings, to achieve its fund management US$5b AUM target by 2023.
- Maintain BUY; TP of S$10.50
City Developments Group Chief Investment Officer, Frank Khoo has just resigned and his last day will be on 30 Sep 2022. According to the announcement, he is leaving for personal reasons.
Frank joined City Developments in Feb 2018 to source and execute new investment opportunities, and also to establish a dedicated fund management platform. Since 2018, we have seen City Developments venturing into new investment opportunities such as UK commercial buildings, strategic stake in IREIT and Australia ventures, albeit small.
In its effort to build the fund management platform, City Developments has set a 2023 goal to achieve a targeted AUM of US$5b. We believe City Developments has set the wheels in motion to achieve the target, there could be some delay in the meantime while City Developments identifies a replacement.
We wish Frank all the best in his future undertakings!