The Government of Singapore Investment Corporation (GIC), which manages assets estimated at more than $300 billion has appointed Lim Siong Guan as group president and chairman of GIC Asset Management.
Lim will be responsible for the organisational development of GIC subsidiaries including GIC Real Estate, GIC Special Investments and GIC Asset Management. He will also oversee the public markets group, according to a statement from the sovereign wealth fund.
GIC Real Estate manages a portfolio of direct and indirect property investments globally. GIC Special Investments manages investments in private equity and infrastructure. GIC Asset Management manages investments in equities, fixed income, foreign currencies, natural resources and absolute return strategies.
Lim’s appointment follows the retirement of Richard Hu and Lee Ek Tieng as chairman of GIC Real Estate and GIC Asset Management respectively.
Lim Siong Guan
In addition to his new role, Lim is chairman of Singapore’s Economic Development Board. Previously, Lim has held senior roles in various major government agencies: he was formerly head of the Singapore Civil Service and permanent secretary in Singapore’s ministries of Defence, Education and Finance, as well holding posts in the prime minister’s office.
GIC has also appointed Tony Tan as chairman of GIC Real Estate. Tan will continue in his current roles as GIC deputy chairman and executive director and chairman of GIC Special Investments.
According to GIC’s first performance report released last September, 23 percent of its portfolio is allocated to alternative assets including private equity and real estate. The fund currently allocates 8 percent to private equity, venture capital and infrastructure, and 10 percent to real estate.
In the same report, the fund said it has accelerated the pace of its private equity and real estate investments in recent years.