Lim Hng Kiang was named acting chairman of GIC Real Estate, and Ang Kong Hua was named acting chairman of GIC Special Investments, effective Friday, according to a Government of Singapore Investment Corp. news release.
The appointments follow the announced departure of Tony Tan, GIC’s deputy chairman and executive director, who is leaving on Friday. It was widely reported that Mr. Tan is stepping down because he plans to run for president of Singapore.
Messrs. Lim and Ang were previously directors at GIC.
The fund is searching for a permanent replacement for executive director “who has the requisite knowledge and experience, and also a clear appreciation of how the financial reserves under GIC management contribute towards the well-being of Singaporeans,” according to the release.
The fund doesn’t disclose its assets, but its size is estimated at US$247.5 billion by the Sovereign Wealth Fund Institute.
GIC spokeswomen Felicia Tang and Mah Lay Choon could not be reached for further information.