Ex-World Bank president joins Temasek board

Zoellick will take up his new position from August 15. He was president of the World Bank from 2007 through to June last year and also served as the US trade representative from 2001 to 2005. During this period, the US signed a free-trade agreement with Singapore, its first in Asia.

Zoellick currently serves on the International Advisory Board of Rolls-Royce Group, which has a large aircraft engine facility in Singapore.

"Bob's insights will be especially helpful as we continue to explore opportunities in USA, Europe and also in the various growth markets." said Lim Boon Heng, chairman of Temasek, in a statement.

The appointment comes as former minister Lim takes over from S. Dhanabalan as Temasek's chairman.

Investments in North America and Europe have increased their share of Temasek's holdings, rising to 12% of its S$215 billion ($169 billion) portfolio at the end of March, from 11% a year earlier.

Temasek saw its portfolio grow for the year ended March 2013, up 8.6% from the preceding 12 months. Across its portfolio, the fund invested S$20 billion and divested S$13 billion, compared to S$22 billion and S$15 billion the previous year.

Temasek remains Asia-heavy, with the region accounting for 71% of its portfolio, of which 30% is in Singapore.

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• Topics
• Southeast Asia
• People
• Appointments
• Temasek Holdings
• Singapore
• Sovereign wealth fund