SINGAPORE – Singapore’s sovereign wealth fund GIC 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 his deputy Sam Kim, according to a statement on Feb 7. Mr Bryan Yeo will become the new deputy group chief investment officer (CIO) for GIC, replacing Mr Lim Kee Chong. 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 US$770 billion (S$1 trillion), in 2023 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:
- Mr Lee Kok Sun will retire and be replaced by deputy CIO for real estate Goh Chin Kiong
- Mr Mark Ong, head of Asia-Pacific equities, will become CIO for public equities
- Mr Boon Chin Hau will be appointed deputy CIO for infrastructure
BLOOMBERG
