Yahoo Finance Singapore wealth fund shuffles leadership, names COO
By David Ramli
(Bloomberg) — Singapore’s sovereign wealth fund GIC Pte. reshuffled the roles of some senior executives as part of a broader leadership overhaul.
Chief operating officer Tay Lim Hock will step down and be replaced by executive Sam Kim, according to a statement Wednesday. Bryan Yeo will become the new deputy chief investment officer for GIC. The changes are effective from April 1.
The moves come as severe market turmoil and geopolitical uncertainty wreak havoc on the investment performance of many institutional investors. GIC, which does not disclose its size but is estimated to manage $770 billion, last year posted its worst five-year return since 2016.
“With this refreshed leadership bench, I am confident that we can continue to pursue excellence in our operating and investment capabilities, and navigate the investment environment,” GIC Chief Executive Officer Lim Chow Kiat said in the statement.
Other changes include:
Lee Kok Sun will retire and be replaced by Deputy CIO for Real Estate Goh Chin Kiong
Mark Ong, head of Asia Pacific Equities, to become CIO for Public Equities
Boon Chin Hau will be appointed deputy CIO for Infrastructure
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