The new office would be GIC’s 11th globally. Credit: GIC.

Singapore-based sovereign wealth fund GIC planning to set up a new office in Sydney next year to focus on investment opportunities in Australia.

This office, which would be GIC’s 11th globally, builds on the growth of the GIC portfolio in Australia.

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The company said that the planned office opening will further capitalise on its private market capabilities to generate good, risk-adjusted returns for the overall portfolio.

GIC will continue to actively look for opportunities across multiple sectors and partner with businesses with strong long-term growth prospects, it added.

GIC CEO Lim Kiat said that the company is confident in the long-term growth of the Australian market and believes that an on-the-ground team will enhance its ability to capture more investment opportunities.

Kiat said: “We are already very pleased with our existing portfolio in Australia, especially in real estate. We believe the new office will better support the management of our existing assets and increase interaction with local partners so we can generate more value-add together.”

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In 2019, GIC reportedly picked a 3.09% stake in Swiss private banking group Julius Baer.

Australia moves by other firms

Earlier this year, Japanese brokerage Nomura inked a strategic partnership with investment and advisory firm Jarden Securities in Australia and New Zealand.

In February this year, New Zealand-based investment administration services provider MMC fully acquired Australian specialist superannuation fund administrator IFAA Group.

This January, Australian wealth management group Ord Minnett opened a new office in the island state of Tasmania as part of its efforts to bolster its national footprint.

Last year, Focus Financial Partners, a partnership of wealth management firms, expanded its footprint in Australia with the acquisition of wealth manager MEDIQ Financial Services.