Singapore’s sovereign wealth fund GIC on Wednesday announced key changes to its senior management team with effect from April 1, 2024.
According to a company statement, Sam Kim, currently deputy chief operating officer (COO), will take over as COO from Tay Lim Hock and join the Group Executive Committee (GEC), which is the highest management body in GIC. The committee reviews and approves key investment issues and organisational as well as personnel matters.
Bryan Yeo, the current chief investment officer (CIO) for public equities, has been appointed deputy group CIO in place of Lim Kee Chong. He will also oversee GIC’s Integrated Strategies Group (ISG) as director.
Both Tay and Lim will remain members of the GEC and Global Leadership Group and will continue to be involved in the review of investments and other enterprise-level initiatives, GIC said in a statement.
Mark Ong, currently head of Asia-Pacific equities, will take over from Yeo as CIO for public equities.
Goh Chin Kiong, currently deputy CIO for real estate, has been named CIO for real estate. He takes over from Lee Kok Sun, who will be retiring. Boon Chin Hau is being appointed deputy CIO for infrastructure.
“I would like to express my gratitude to Lee for his commitment to GIC over the last 27 years, including his time as CIO for real estate. Our real estate portfolio is the global industry leader that it is today thanks to Lee’s vision, tenacity, and dedication. We wish Lee all the best in his retirement,” said Lim Chow Kiat, CEO of GIC, in the release.
According to Wealth Fund’s FY 2022/2023 report, the 20-year real return of the GIC portfolio stood at 4.6% for the year ended March 31, 2023, up 0.4% compared with the year ended March 31, 2022. This means that over a 20-year period, on top of having protected the value of the portfolio against global inflation, it generated a return averaging 4.6% per year.