Ho Ching tipped to leave Temasek in summer

As of March 2011, GIC and Temasek, the city state's two sovereign wealth funds, had assets under management of $247.5 billion and $145.3 billion, respectively.

Temasek is expected to release further details on its performance for the year ending March 31 in early July. The fund is likely to announce gains on its portfolio of investments, signaling a recovery from the global financial crisis and allowing Ho to leave on a high note. About three-quarters of Temasek's portfolio is invested in Asia, with 40% in financial institutions.

The original plan was that Ho, who has headed Temasek for the last eight years, would be succeeded by Chip Goodyear, former head of BHP Billiton. Goodyear was named chief executive-elect in 2009 but departed just a few months later, blaming differences over strategy.

Last year Temasek brought on board Greg Curl, formerly an executive at Bank of America and a director at China Construction Bank, to oversee financial services operations.

Ho's departure would cap a period of significant managerial change within Singapore's sovereign wealth funds, with younger people moving into senior roles. In addition to Lee assuming the top role at GIC, it has been announced that Tay Lim Hock, currently deputy president of GIC Special Investments, which is responsible for the fund's private equity and infrastructure business, will become president on July 1.

Meanwhile, Lim Chow Kiat, president for Europe, has been named president of GIC Asset Management and Kok Huat will step up from deputy president to president of GIC Real Estate.

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• Topics
• Southeast Asia
• Temasek Holdings
• GIC Private