Lim Chow Kiat (Art by Tim Bower)Singapore’s sovereign wealth fund GIC has named current Group CIO and Deputy Group President Lim Chow Kiat as its new CEO, effective January 1.
Lim replaces outgoing Group President Lim Siong Guan who will also retire as of January 1, and be appointed to advisor to the GIC group executive committee. He has led the sovereign fund since 2007.
“I am happy to be able to hand over the reins of leading GIC to Chow Kiat,” Lim Siong Guan said in a statement. “Chow Kiat comes with clear investment credentials to take GIC into the future and lead an organization that is alert to new possibilities, faster in moving on opportunities, and nimble in execution.”
GIC also announced Deputy Group CIO Jeffrey Jaensubjakij will succeed Lim as group CIO and leave his current role as president of public markets.
In other leadership moves, Current Deputy Group CIO and Director of Integrated Strategies Group Lim Kee Chong has been appointed New-York based president of the GIC’s Americas branch.
Tay Lim Hock has also been named deputy group CIO and London-based president of GIC’s European arm. He will also be an adviser in private equity and infrastructure while relinquishing his current role as president of that group.
Goh Kok Huat will continue his role as COO as well as act as adviser instead of his current position as president in real estate.
GIC underwent a number of leadership changes in June including the appointment of Lim Chow Kiat to deputy group president and Jaensubjakij to deputy group CIO. The fund also appointed five new CIOs to oversee each of its main asset classes.
“The new senior appointments enhance the development of a strong leadership bench for GIC,” Lim Siong Guan said in June, “allowing us to build new investment capabilities and extend our investment and operating platform.”Related: GIC Reshuffles Leadership, Adds New CIOs