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Banks, Financial

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Categorized | Financial

Singapore’s GIC names Lim Chow Kiat as CEO

Posted on November 21, 2016

All change at the top of GIC, Singapore’s sovereign wealth fund.

Its president since 2007, Lim Siong Guan, will retire at the start of next year and Lim Chow Kiat, currently deputy group president and chief investment officer, will take the reins with the title of chief executive.

Mr Lim, 46, has been with GIC for 23 years and will be replaced as chief investment officer by Jeffrey Jaensubhakij, currently deputy group chief investment officer and president for public markets.

When publishing annual results in July, GIC warned that low interest rates, high asset valuation and political instability were expected to bring down returns for the foreseeable future.

Singapore’s prime Minister Lee Hsien Loong, who is chairman of GIC, said:

As Group President since 2007, Mr Lim has made enormous contributions to GIC. He groomed a new generation of professional leaders, built up a fit and flexible organizational structure, and imbued the GIC team with sound values and ideals.

Mr Lim’s time at GIC coincided with an extremely challenging period for global markets. His leadership enabled GIC to work cohesively towards a shared and worthy goal – to steward and invest our foreign reserves wisely and prudently, for the benefit of present and future generations of Singaporeans.

On behalf of the Board, I thank Mr Lim for all that he has done, and wish him all the best for the future. The Board has full confidence in Mr Lim Chow Kiat, who will now become CEO of GIC and will lead it in the next phase.

Following his retirement as president, Mr Lim will continue to advise GIC’s executive committee. Prior to joining GIC, he had previously headed up Singapore’s civil service.