Singapore’s deputy prime minister and finance minister Lawrence Wong has been appointed chairman of the Monetary Authority of Singapore, while David Kim is reportedly retiring from alternative investment firm PAG.
SG deputy PM Lawrence Wong is new chairman of MAS
Singapore deputy prime minister and finance minister Lawrence Wong is set to take the helm as the chairman of the Monetary Authority of Singapore (MAS) and the Investment Strategies Committee at sovereign wealth fund GIC, succeeding senior minister Tharman Shanmugaratnam.
MAS said that the appointment, set to take effect on July 8, will be till May 31, 2026.
The announcement comes in the wake of Shanmugaratnam’s declaration on June 8 that he would be stepping down from all his government positions to run in the upcoming presidential election.
Wong has been serving as the central bank’s deputy chairman since June 2021 and was a board member from June 2011 to August 2016. Trade and Industry Minister Gan Kim Yong will step in as deputy chairman from July 8.
Simultaneously, GIC disclosed that Wong will take over the chair of its Investment Strategies Committee from July 7, following Shanmugaratnam’s resignation.
He has been serving as a GIC board director since November 2018 and has been part of the Investment Strategies Committee since August 2017. The successor to Shanmugaratnam’s position as GIC’s deputy chairman remains unannounced.
PAG Asia partner David Kim retires
David Kim, partner at Hong Kong-headquartered PAG Asia, is retiring from the alternative investment firm after a 13-year tenure, according to a Bloomberg report.
The report was based on an email sent by Kim to clients that was seen by Bloomberg. The email said Kim, a former Lehman Brothers banker, will leave PAG to pursue “recreational and educational activities between Seoul and Honolulu”.
This marks the second partner exit from a senior role in Asia’s private equity industry this week, following the Carlyle Group’s announcement that Patrick Siewert, a leading partner, would step down as head of consumer, media, and retail.
PAG, co-founded 20 years ago by Weijian Shan, Chris Gradel, and Jon-Paul Toppino, focuses on investing across private equity, private debt, hedge funds, and real estate in Asia-Pacific. The firm has more than $50 billion in assets under management.
Last week, Bloomberg also reported that PAG is weighing a $1-billion tender offer to buy back stakes in its funds from its existing limited partners.