Sovereign Wealth Funds

Singapore’s GIC announces senior leadership changes

Tay Lim Hock, deputy group chief investment officer and president (Europe) with Singapore's GIC Private Ltd., will become the sovereign wealth fund's chief operating officer, effective July 1, according to a GIC announcement Monday.

Mr. Tay is replacing Goh Kok Huat. Mr. Goh, a 10-year GIC veteran, will serve as a GIC adviser through June 30, 2020, and will relocate to Singapore from London.

A GIC spokeswoman said Mr. Tay will retain his deputy group CIO responsibilities. Arjun Gupta, a managing director and head, portfolio in GIC's private equity group, will assume Mr. Tay's president (Europe) role, relocating to London from Singapore. The spokeswoman declined to say whether a replacement would be named for Mr. Gupta's private equity duties.

Separately, GIC's announcement said Leslie Teo, GIC's chief economist and the director of the sovereign wealth fund's economics and investment strategy department, will step down to become a GIC adviser through June 30, 2020.

Kevin Bong, deputy director of GIC's economics and investment strategy department, will take on the director's role from Mr. Teo. The spokeswoman declined to say whether Mr. Bong's current position would be filled.

Meanwhile, Prakash Kannan will become GIC's chief economist, while retaining his current role as the sovereign wealth fund's head, total portfolio management, economics and investment strategy.

GIC, which has long pegged the size of its investment portfolio at more than $100 billion, is estimated to have more than $350 billion in assets.