Singapore's GIC makes changes to senior leadership

The management changes, which take effect on January 1, will also see Jeffrey Jaensubhakij take over from Lim as CIO, relinquishing his position as deputy CIO and president for public markets. Meanwhile, Lim-Hock Tay will become deputy CIO and president for Europe. This means he will cease to be president for private equity and infrastructure and become an advisor to that division instead.

Kee-Chong Lim will remain as deputy CIO and take on the president for the Americas brief, with Kok-Huat Goh, continuing as COO and swapping his role as real estate president for an advisory role in the division, according to a statement.

Earlier this year, GIC created specific CIOs across private equity, infrastructure, real estate, fixed income and public markets to sit below the group CIO and division presidents in the management structure. The division president positions vacated by Jaensubhakij, Tay and Huat will cease to exist and the responsibilities will be taken on by the CIOs. Yong-Cheen Choo remains the CIO for private equity.

The sovereign wealth fund - which claims to have invested well over $100 billion while independent assessments put its wealth at more than $300 billion - posted a 20-year annualized return of 4% for the 12 months ended March 2016. This compares to 4.9% in 2015 and 4.1% in 2014.

There was minimal change in the composition of GIC's portfolio during the 12 months to March, with the PE allocation remaining at 9% and real estate at 7%. Exposure to developed market equities dropped by three percentage points to 26%, with the emerging market equities and bonds seeing small rises to 19% and 34%, respectively.

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