The Government of Singapore Investment Corporation (GIC) has appointed Lim Siong Guan as group president and chairman of its asset management arm.

He will oversee the Public Markets Group and will be in charge of the organisational development of GIC’s three operating subsidiaries – GIC Asset Management, GIC Real Estate and GIC Special Investments

These subsidiaries are responsible for public markets, real estate, private equity and infrastructure investments.

GIC also announced on Thursday that Tony Tan will be appointed as chairman of GIC Real Estate. He will continue with his current duties as GIC deputy chairman and executive director, and chairman of GIC Special Investments.

Richard Hu will retire as chairman of GIC Real Estate and Lee Ek Tieng will retire as chairman of GIC Asset Management. They will continue to serve as advisers to the GIC Group Executive Committee.

Vivien Chen will be appointed chief administrative officer, reporting to the group president. She will oversee the business functions across GIC which include Finance, Investment Operations and Personnel.

“The changing economic and financial landscape requires GIC to be agile and responsive to new challenges and opportunities,” said Dr Tan.

“The management changes will enable GIC to operate more effectively on an integrated basis, while extracting maximum value from the special characteristics and specialisations of the individual asset classes.”

These top management appointments will take effect from July 1.

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