Temasek hires BofAML executive Tan Chong Lee
Temasek Holdings has poached Tan Chong Lee from Bank of America-Merrill Lynch (BofAML). The sovereign wealth fund confirmed the appointment but didn’t provide details of the role. Sources told Reuters that Tan, who was BofAML’s Southeast Asia head of corporate and investment banking, would serve as senior managing director and CIO-designate.
Tan's appointment comes after a protracted period of reshuffling at Temasek. Charles Ong, a senior managing director at the fund, recently joined his brother Richard Ong's $2.3 billion private equity firm RRJ Capital as an advisor. Ong formerly worked at Goldman Sachs and set up Hopu Investment.
Another senior managing director, Jimmy Phoon, last month moved to Seatown Holdings, a Temasek-owned absolute-return fund.
The changes are seen as part of a wider shift at the top in Temasek, with the future of CEO Ho Ching still uncertain. Ho, wife of Singaporean Prime Minister Lee Hsien Loong, has been widely tipped to step down, although she is reported to have recently told staff she would not be leaving. Ho had planned to depart in 2009 but her designated successor, former BHP Billiton CEO Charles Goodyear, failed to settle.
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. It appointed Hsieh Fu Hua, former CEO of the Singapore Stock Exchange, to an advisory role in February 2010 and promoted him to president three months later. Leading lawyer Dilhan Pillay Sandrasegara has also been hired as head of portfolio management.
In February, Temasek named Ding Wei, formerly a senior manager at China International Capital Corp. (CICC), as head of its operations in China.
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