The Government of Singapore Investment Corporation (GIC) has made several changes to its executive ranks including the appointment of a new president of its real estate division, according to a statement by the sovereign wealth fund.
In the statement, the larger of Singapore’s two sovereign funds said Goh Kok Huat, deputy president of GIC Real Estate since July 2010, will be appointed president of the unit, replacing Seek Ngee Huat who will go on to chair GIC's Latin America Business Group.
Other key appointments made include Tay Lim Hock, deputy president of GIC Special Investments since July 2010, who has been appointed president of the unit, which is in charge of allocations to private equity. He replaces Teh Kok Peng, who will take on the role of chairman at GIC's China Business Group.
Also Lim Chow Kiat, president of GIC’s European interests since September 2009, will be appointed president of GIC Asset Management. Lim will be replaced by Jeffrey Jaensubhakij.
All the appointments will be effective 1 July.
Of the changes, GIC deputy Chairman and executive director, Tony Tan said the organisation “builds its competitive advantage through an investment strategy of 'integrated diversity'. 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. We do this without compromising ‘Chinese Wall’ separations.”
News of the appointments comes a week after Singaporean Prime Minister Lee Hsien Loong succeeded his father Lee Kuan Yew as chairman and director of GIC.