Singapore’s sovereign wealth fund GIC, has appointed Quah Wee Ghee to chair GIC’s India Business Group, as a part of a major change of guard at its key emerging markets and the three investment wings– asset management, special investments and real estate. GIC, with over $100 billion in assets under managemen globally, is one of the most active sovereign wealth funds operating in India.
As a part of reshuffle, Ghee will retire as President, GIC Asset Management to take over his new role. Lim Chow Kiat, President (Europe) since September 2009, will be appointed President, GIC Asset Management.
GIC has also announced several other changes with Teh Kok Peng becoming chairperson of GIC’s China Business Group relinquishing his existing post of President, GIC Special Investments. Tay Lim Hock, Deputy President since last July, will become President, GIC Special Investments. Further, Seek Ngee Huat, who was President, GIC Real Estate, will chair GIC’s Latin America Business. Goh Kok Huat, Deputy President since July 2010, will be appointed President, GIC Real Estate. Presidents of GIC Asset Management, GIC Special Investments and GIC Real Estate are also board members of GIC.
These top management shuffle will be effective July 1.
GIC Deputy Chairman and Executive Director, Tony Tan said: “There are unique investment opportunities in the new financial landscape, especially in the emerging markets, which call for GIC to operate as one integrated organization while mining the expertise in GIC’s range of asset classes.”
These management changes came within weeks of a change right at the top of GIC’s board. Last month, Lee Kuan Yew, regarded as the founding father of modern Singapore, stepped down as the chairman of the board. Yew, who has the distinction of being one of the longest serving prime minister of any country, continues to be on the board as a Senior Advisor.
His son, Lee Hsien Loong who became prime minister of Singapore seven years ago is now the chairman of GIC. Incidentally, Loong’s wife Ho Ching is the CEO of Singapore’s other sovereign wealth fund Temasek!