Singapore sovereign wealth fund GIC Private Limited has promoted current deputy group president and group chief investment officer Chow Kiat Lim as its new chief executive officer, according to a company statement.
Lim replaces outgoing group president Siong Guan Lim who is set to retire on 1 January 2017. Lim is a long-serving executive at GIC who has been leading the state fund’s operations since 2007. He will continue to serve as an advisor to the GIC group executive committee.
He said in the statement: “I am happy to be able to hand over the reins of leading GIC to Chow Kiat. Chow Kiat comes with clear investment credentials to take GIC into the future and lead an organisation that is alert to new possibilities, faster in moving on opportunities, and nimble in execution.
Lim will assume his new position on 1 January 2017.
Meanwhile, Jeffrey Jaensubhakij, currently the deputy group CIO and president, public markets, will take over from Chow Kiat Lim as the new group CIO.
In addition, GIC has also announced several other senior leadership changes.
Kee Chong Lim, the deputy group CIO and director of integrated strategies group, has been appointed as the New York-based president of GIC’s Americas branch. Lim Hock Tay has been named deputy group CIO and the London-based president of GIC’s European arm. Tay will also be an advisor for the private equity & infrastructure divisions, and relinquish his current role as president of that group. Kok Huat Goh will relinquish his current role as president of real estate. He remains as GIC’s chief operating officer and will be appointed as an advisor of real estate.
The string of appointments comes almost seven months after the $100 billion state fund announced senior leadership changes and amid warnings of “more challenging times ahead”. GIC recorded a dip in its returns in its latest annual review, posting a 4 percent annualised real return over 20 years ending March 2016, down from 4.9 percent last year.