The mid to late 1980s continued to be years of global economic and political change, while GIC was fast outgrowing its premises at MAS. The early to mid 1990s would see tremendous growth in GIC's staff strength as a result of its drive to recruit talent globally.
Mr J Y Pillay took over as Managing Director of GIC in 1985, when Dr Richard Hu became Minister for Finance. He continued the process of weaning the GIC from MAS.
First, the management of long-term bonds was transferred from MAS to GIC and a Bonds Department formed. Then in 1987, Mr Pillay initiated GIC's move to its own premises at Raffles City Tower, where GIC assumed responsibility for its own corporate functions from MAS. He also put in place a stronger management structure, a more systematic investment process, and a more market-driven, incentivised approach to staff compensation.
During its early years, GIC obtained many of its officers from the Public Service Commission and MAS. By the late 1980s, however, most of GIC's staff was recruited from the market. GIC's continued emphasis on talent development led it, in 1994, to start an undergraduate scholarship programme for promising students, regardless of nationality; and to begin recruiting at top universities worldwide. This period saw GIC's staff strength growing manifold, from about 20 in 1987 to 360 in 1997.
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