Top management changes at Singapore's GIC

The Government of Singapore Investment Corporation (GIC) announced last week a couple of top management appointments that will become effective on July 1.

GIC was set up in 1981 to manage Singapore's foreign reserves. It currently manages in excess of $100 billion, making it one of the world's largest fund management companies. Its portfolio is managed by three closely held subsidiaries -- GIC asset management, GIC real estate and GIC special investments, responsible for public markets, real estate and private equity investments respectively.

Tony Tan has been appointed chairman of GIC real estate, in addition to his current roles as GIC deputy chairman and executive director and chairman of GIC special investments. Tan will replace Richard Hu, who is retiring.

Lee Ek Tieng, the chairman of GIC asset management, which is responsible for GIC's investments in equities, fixed income, foreign currencies, commodities and marketable alternatives, will also retire and will be replaced by Lim Siong Guan. Lim has also been appointed GIC group president.

Tan served in Singapore's parliament from 1979 until 2005 (with a break in the middle), holding portfolios including education, trade, industry and finance. Between 1991 and 1995 he was chairman and CEO of Oversea-Chinese Banking Corporation (OCBC). In 1995 he returned to politics as deputy prime minister and minister for defence. Since he retired from the cabinet in 2005 he has held positions at GIC.

Lim became group managing director of GIC asset management in September 2007, again replacing Lee Ek Tieng who had held the position for 18 years. Lim was the head of the Singapore civil service between 1999 and 2005 and also held positions in the ministries of defence, education and finance between 1981 and 2006.