Marcus Wallenberg joins Temasek Board

Singapore’s Temasek Holdings latest appointment is a member of the wealthy and influential Swedish industrial Wallenberg family, dubbed the 'Royal Family of Swedish business.'

Temasek Holdings, one of the two sovereign funds in Singapore, has appointed Marcus Wallenberg, who is a member of the high-profile Wallenberg family, as a director on its board.

Wallenberg is currently the chairman of SEB, the Swedish bank in which his family owns a 20 percent stake.

Temasek said in a statement that Wallenberg chairs several companies belonging to the portfolioof Investor, the Wallenberg family's quoted investment company, and is deputy chairman of Ericsson, the Swedish telecommunications company. He was also chairman of the International Chamber of Commerce, a global business organisation with representation from businesses around the world.

Wallenberg also served as president and chief executive officer of Investor for six years. The company was established in 1916 by the Wallenberg family, which now owns 48 percent of votes and 22 percent of the share capital in the company.

Investor holds stakes in a number of major Nordic companies, and is also one of the founders of EQT, the Nordic private equity firm that manages €11 billion ($17.5 billion). It is the sponsor and anchor investor in all of EQT’s 11 funds, and owns a 31 percent stake in EQT Partners.

S Dhanabalan, chairman of Temasek said that Wallenberg has “contributed significantly to the promotion of international trade and investments across borders” and that he has “deep knowledge and experience across a wide range of major businesses”.

Formed in 1974, Temasek manages assets of about S$164 billion ($121 billion; €76 billion) as of March 2007.