Singapore continues key investment team reshuffle

Temasek has appointed two new presidents and said it will combine its sector and market investment teams, barely a week after GIC announced a raft of promotions in its senior investment team.

Temasek follows Singapore’s Government Investment Corporation in announcing a reorganisation of key management personnel. The changes will help the investment holding company navigate “challenging times” and protect its portfolio, Temasek said.

As part of the restructuring, it has appointed senior executives Song Hwee Chia and Dilhan Pillay as presidents, who will both join current president Gregory Curl. Fidah Alsagoff, Michael Buchanan, Chin Yee Png and Juliet Teo have also been appointed as senior managing directors. The appointments take effect on 1 May.

Temasek will also combine its sector and market investment teams under a single Investment Group. In addition, two new groups were created, a Portfolio Strategy and Risk Group and a Sustainability & Stewardship Group, to focus on the “resilience of its portfolio” and to lead initiatives on sustainability.

“Temasek thinks long term and acts as an owner in all that we do. At a strategic level, the changes we’re making position the organisation to protect and work the Temasek portfolio, and continue to build capabilities as we grow,” CEO of Temasek International, Theng Kiat Lee said.

Temasek’s announcement comes less than a week after GIC promoted Yong Cheen Choo as chief investment officer for private equity. Six other leadership appointments at GIC, which include a new deputy group president and new CIOs for other asset classes, will take effect on 1 June, as reported by Private Equity International.

Temasek has over S$266 billion ($197 billion; €174 billion) of assets, according to PEI Research & Analytics. Last year, it teamed up with the Canada Pension Plan Investment Board and MBK Partners in the $6.1 billion takeover of Tesco’s South Korean unit Homeplus. It also took part in the $2 billion funding road for Didi Kuaidi, a Chinese taxi hailing app company.

In Asia, Temasek has committed capital to private equity firms Hony Capital, Hopu Investment Management, Kedaara Capital, RRJ Capital and Hosen Capital.