Sam Kim, GIC’s current deputy chief operating officer, will be appointed COO as part of a broader senior leadership change, the company announced in a statement Wednesday.
GIC, one of the world’s largest investors, announced that Brian Yeo, currently Chief Investment Officer of Public Equity, will be appointed Deputy Chief Investment Officer.
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Kim will also join GIC’s group executive committee, the wealth fund said. The Group Executive Committee is the highest management body that considers and approves major investment, organizational and personnel matters.
It added that Mr Kim and Mr Yeo will replace Mr Tay Lim Hock and Mr Lim Kee Cheong, respectively, who remain members of GIC’s group executive committee.
CEO Lim Chow Kiat said: “I am confident that with this refreshed leadership bench, we will continue to pursue excellence in our operational and investment capabilities and successfully navigate the investment environment.” Ta.
In addition, Mark Ong, current head of Asia Pacific equities, will replace Yeo as CIO of public equities, while GIC has appointed Bun Chin Hau as deputy CIO of infrastructure.
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According to GIC, Goh Chin Kiong, currently deputy CIO of real estate, will be appointed as CIO of real estate, replacing Lee Kok Sun, who is retiring.
All appointments are expected to be effective from April 1st.
The move comes as severe market turmoil and geopolitical uncertainty are wreaking havoc on the investment performance of many institutional investors. GIC, which does not disclose its size but is estimated to manage US$770 billion, posted its worst five-year return since 2016 last year.