Frank Khoo has resigned from his position as City Developments Limited’s (CDL) group chief investment officer.
According to a filing posted on SGX, Khoo is leaving CDL for “personal reasons”.
Khoo served the position for more than four years. His last day with CDL will be Sept 30, 2022.
As the group chief investment officer, Khoo assisted the group CEO in the sourcing and execution of new investment opportunities, while also setting up a dedicated fund management platform.
In a July 5 report, DBS Group Research notes that since Khoo joined CDL, the company has set a 2023 goal to achieve a targeted AUM of US$5 billion.
"We believe CDL has set the wheels in motion to achieve the target, there could be some delay in the meantime while CDL identifies a replacement," says DBS, which is keeping its "buy" call and $10.50 target price on the stock.
See also: Jeff Perlman, head of Warburg Pincus SE Asia and APAC real estate promoted to President
Shares in CDL closed 6 cents lower or 0.75% down on July 4 at $7.98.
