Singapore’s sovereign wealth fund GIC has made several changes in its top management, the most important of which is appointing its current CIO, Lim Chow Kiat, as the new chief executive of the over €90 billion fund.

Lim Chow Kiat (pictured) will take over from the current president Lim Siong Guan, who is retiring, on 1 January 2017.

Jeffrey Jaensubhakij, who currently is Deputy Group Chief Investment Officer and President, Public Markets, will replace Lim Chow Kiat as the Group Chief Investment Officer.

Among the other appointments that will take effect on 1 January 2017 are:

  • Lim Kee Chong will remain as Deputy Group Chief Investment Officer and Director, Integrated Strategies Group, and take on the concurrent appointment of President (Americas), based in New York.
  • Tay Lim Hock will be appointed Deputy Group Chief Investment Officer and take on the concurrent appointment of President (Europe), based in London. He will also be Advisor, Private Equity & Infrastructure, and relinquish his current role as President, Private Equity & Infrastructure.
  • Goh Kok Huat continues as Chief Operating Officer, with his concurrent appointment as Advisor, Real Estate. He will relinquish his current role as President, Real Estate.

The giant sovereign wealth fund, which has assets under management of more than €90 billion, also said that the investment functions and responsibilities of Jeffrey Jaensubhakij, Tay Lim Hock and Goh Kok Huat as President of Public Markets, President of Private Equity & Infrastructure, and President of Real Estate respectively will be taken over by the five Chief Investment Officers (appointed since 1 June 2016) in their respective areas.

These are: Bryan Yeo King Ming for Public Equities, Liew Tzu Mi for Fixed Income, Choo Yong Cheen for Private Equity, Ang Eng Seng for Infrastructure, and Lee Kok Sun for Real Estate. The titles of "President of Public Markets", "President of Private Equity & Infrastructure", and "President of Real Estate" will cease to be used.

Below please find the chart illustrating the SWF’s new management structure.

 

Commenting on the resfuffling of the management, Prime Minister of Singapore, Lee Hsien Loong, wo is also Chairman of GIC, said, ‘As Group President since 2007, … Mr Lim’s time at GIC coincided with an extremely challenging period for global markets. His leadership enabled GIC to work cohesively towards a shared and worthy goal – to steward and invest our foreign reserves wisely and prudently, for the benefit of present and future generations of Singaporeans.’

He added that GIC’s board had full confidence in Lim Chow Kiat, who will now become CEO and would lead the SWF in the next phase.

GIC was established in 1981 and manages Singapore’s foreign reserves. The fund has assets under management which ‘well exceed’ $100 billion (€90 billion) but does not disclose the full size of its assets.

Earlier this month the SWF bought a Europe-based warehouse operator for €2.4 billion, which has been the continent’s largest real estate deal of 2016 so far.