Singapore’s Temasek has made its first investment in an Australian financial services group, paying $300 million for an undisclosed minority stake in Betashares, the manager of some $38 billion and one of the largest local providers of exchange-traded funds.

The government-owned asset manager is the second global investor on the company’s shareholder register, with Boston private equity firm TA Associates acquiring in 2021 a major stake in Betashares, run by founder Alex Vynokur.