FOR a change, small investors had the upper hand, as they voted overwhelmingly to appoint ST Asset Management to manage the business of listed investment firm, Global Investments.

In doing so, they faced down stiff opposition from an Australian fund manager, Pengana, which had wanted the job itself and claimed to have the backing of shareholders with 22 per cent of Global Investments shares.

ST Asset Management's president, Ms Goh Mui Hong, said she would start work immediately to review Global Investments' investment portfolio. ST Asset Management is 100 per cent owned by Temasek Holdings.

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