GIC’s current deputy chief operating officer Sam Kim will be appointed as COO as part of a wider senior leadership changes, it said in a statement on Wednesday.
GIC, one of the world’s biggest investors, said Bryan Yeo, currently its chief investment officer for public equities, will be appointed as deputy chief investment officer.
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Kim also will join GIC’s group executive committee, its highest management body which reviews and approves key investment issues, organisational, as well as personnel matters, the wealth fund said.
Kim and Yeo will replace Tay Lim Hock and Lim Kee Chong, respectively, who will remain members of GIC’s group executive committee, it added.
“With this refreshed leadership bench, I am confident that we can continue to pursue excellence in our operating and investment capabilities, and navigate the investment environment,” said CEO Lim Chow Kiat.
Additionally, Mark Ong, the current head of Asia-Pacific equities, will replace Yeo as CIO for public equities, and GIC also appointed Boon Chin Hau as deputy CIO for infrastructure.
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Goh Chin Kiong, currently deputy CIO for real estate, will be appointed CIO for real estate, taking over Lee Kok Sun who will be retiring, GIC said.
All the appointments will be effective April 1, it said.
The moves come as severe market turmoil and geopolitical uncertainty wreak havoc on the investment performance of many institutional investors. GIC, which does not disclose its size but is estimated to manage US$770 billion, last year posted its worst five-year return since 2016.