Nazir will keep his role at CIMB, Malaysia’s second-largest bank, while acting as one of the fund’s five partners, according to the people. The fund, which isn’t connected to CIMB, will be based in Singapore, according to one of the people. It plans to target investments in the consumer, technology, logistics and financial services industries in Southeast Asia (SE Asia), the person said. The five partners are planning to seek about $700 million to $1 billion from investors, according to one of the people. Southeast Asia has emerged as a strong manufacturing alternative to China, helped by lower labour costs, growing domestic demand and improvements in infrastructure.

Source: The Nation Bangkok November 10, 2017 18:09 UTC