Temasek makes organizational changes, promotions

The two new presidents are Song Hwee Chia and Dilhan Pillay, who co-lead the portfolio management group and head up the investment group. They will work alongside existing president Gregory Curl, formerly of Bank of America, and Theng Kiat Lee, who was promoted from president to CEO of Temasek International last year.

Ho Ching, who is also wife of Singapore's prime minister, remains CEO of the overall group, having completed a six-month sabbatical in 2015.

Chia, who has a background in semiconductor manufacturing, joined Temasek in 2011. In addition to his other roles, he serves as joint head of Singapore with Pillay. The latter, a lawyer by training who was recruited by the state-controlled investment fund in 2010, is now also head of the Americas. He replaces Boon Sim Hong, who is leaving the firm.

Chia and Pillay will assume their new roles on May 1. At the same time, Fidah Alsagoff, head of life sciences, Michael Buchanan, head of strategy, Chin Yee Png, head of financial institutions, and Juliet Teo, head of transportation and logistics, will become senior managing directors.

The organizational changes - which also include the formation of a sustainability and stewardship group - are intended to meet the needs of Temasek's growing investment portfolio and global footprint, and "preserve a strong partnership culture within our senior leadership team," Lee said in a statement.

"We are operating in challenging times, with many uncertainties in the global economy. It highlights to all of us, at Temasek, the need to focus on protecting and working our portfolio, while continuing to build a stronger institution which positions us to meet these current and future challenges," he added.

Temasek had total assets of S$266 billion ($197 billion) for the year ended March 2015, a gain of S$43 million from 12 months earlier. The group, which makes direct private markets investments and allocates capital to third-party managers through entities such as Pavilion Capital, does not specify a PE allocation. However, 33% of its holdings were in unlisted assets, up from 30% a year earlier.

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• Topics
• Southeast Asia
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• Temasek Holdings