GIC started with two employees, Mr Yong Pung How, the Managing Director, and his secretary. Mr Yong occupied Dr Goh's previous office at MAS' premises. It was sparsely furnished - a desk, some chairs and a scrambler telephone being the main furnishings. Some American and British fund managers and consultants were subsequently retained to help develop the new investment company.
The first investment units formed were for equities and real estate. This tiny new institution had to now gain expertise on the global financial markets and manage Singapore's reserves.
In the early eighties, investment operations were a far cry from what they would develop to in the internet age. Investment information and updates on overseas markets were from overnight telexes sent by overseas brokers. The handful of young GIC officers had to take turns manning the telephones and telex machines to communicate with markets and tap investment
opportunities around the world. Data information services had just been introduced and were rudimentary.
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