Temasek, the $185 billion Singapore state fund, has set up an advisory panel consisting of European business leaders as it looks to bolster its investment activities on the continent.

Temasek European Advisory Panel, which includes the chairman of Rolls-Royce, Ian Davis, and the former chief executive officer of German insurer Allianz, Michael Diekmann, will "help us understand the macroeconomic and social trends" in Europe, according to a spokesman.