Governance

Investment Strategies Committee

Our Investment Strategies Committee oversees GIC’s performance and risk profile and makes appropriate recommendations to the Board on investment policy. It also reviews and evaluates the performance of the portfolios managed by the GIC Group. The Committee does not decide on specific deals or on how policies should be implemented.

Chairman

Director, GIC Board
Chairman, GIC Investment Strategies Committee

 

Tharman Shanmugaratnam is Singapore’s Deputy Prime Minister and Coordinating Minister for Economic and Social Policies. He chairs the GIC Investment Strategies Committee, and is also Chairman of the Monetary Authority of Singapore. Tharman also chairs the Group of Thirty, an independent global council of economic and financial policy leaders, and the G20 Eminent Persons Group on Global Financial Governance. He led the International Monetary and Financial Committee (IMFC), the key policy forum of the IMF, from 2011-2014, and was its first Asian chair. He served as Minister for Finance for eight years, and as Minister for Education for five years.

 

Tharman studied Economics at the LSE and Cambridge University. He also holds a Masters in Public Administration from Harvard University where he was named a Lucius N Littauer Fellow.

Tharman Shanmugaratnam
Deputy Prime Minister & Coordinating Minister for Economic and Social Policies

Deputy Chairman

Director, GIC Board
Chairman, GIC Human Resource & Organization Committee
Deputy Chairman, GIC Investment Strategies Committee

 

Peter Seah Lim Huat is the Chairman of DBS Group Holdings. He chairs GIC’s Human Resource and Organization Committee, and is Deputy Chairman of the Investment Strategies Committee. He heads the boards of Singapore Airlines, Singapore Health Services, LaSalle College of the Arts, and chairs the National Wages Council. He was a banker for 33 years before retiring as Vice-Chairman and CEO of the former Overseas Union Bank in 2001. He was also President and CEO of the Singapore Technologies Group. Mr Seah also serves on the boards of Fullerton Financial Holdings and STT Communications.

 

Mr Seah graduated from the University of Singapore with a degree in Business Administration.

Peter Seah Lim Huat
Chairman
DBS Group Holdings Ltd

Members

Director, GIC Board
Chairman, GIC Risk Committee
Member, GIC Investment Strategies Committee

 

Lim Hng Kiang, the Special Advisor to the Ministry for Trade and Industry,  chairs the GIC Risk Committee and sits on the Investment Strategies Committee. He is also Deputy Chairman of the Monetary Authority of Singapore. Mr Lim was Minister for Trade and Industry from 2004 until 2015, when the Ministry was carved into two portfolios. He was then appointed Minister for Trade and Industry (Trade) until he stepped down in May 2018. In his current appointment, Mr Lim provides advice on the Ministry’s economic strategies to grow Singapore’s capabilities and international economic space.  He has held Cabinet posts in National Development, Health, Foreign Affairs, Finance and the Prime Minister’s Office. Before entering politics in 1991, he was Deputy Secretary in the Ministry of National Development.

 

Mr Lim graduated from Cambridge University with First Class Honours (Distinction) in Engineering. He later earned a Masters in Public Administration from Harvard University.

Lim Hng Kiang
Special Advisor to
Ministry for Trade & Industry

Director, GIC Board
Member, GIC Investment Strategies Committee

 

Heng Swee Keat is the Minister for Finance, and is a member of the GIC Investment Strategies Committee. He chairs the tripartite Future Economy Council which oversees the implementation of national strategies in areas such as skills and capabilities development, innovation and productivity, and industry transformation.  He is also the Chairman of the National Research Foundation. From 2011 to 2015, Mr Heng served as Minister for Education. Before entering politics in 2011, he was Managing Director of the Monetary Authority of Singapore. He also served as Permanent Secretary of the Ministry of Trade and Industry,  as well as CEO of the Trade Development Board. Between 1997 and 2000, he was Principal Private Secretary to then-Senior Minister Lee Kuan Yew.

 

Mr Heng has an MA in Economics from Cambridge University, and also holds a Masters in Public Administration from the Kennedy School of Government, Harvard University.

Heng Swee Keat
Minister for Finance

Member, GIC Investment Strategies Committee

 

S Iswaran is the Minister for Communications and Information and Minister-in-charge of Trade Relations in the Ministry of Trade and Industry.  He sits on the GIC Investment Strategies Committee, and oversees the Agency for Science, Technology and Research, Energy Market Authority, International Enterprise Singapore, Singapore Tourism Board, Sentosa Development Corporation and SPRING Singapore. Since joining the Civil Service in 1987, Mr Iswaran has served in the Ministries of Home Affairs and Education. He was Director for Special Projects in the National Trades Union Congress and CEO of the Singapore Indian Development Association. He was also Director for Strategic Development at Singapore Technologies and Managing Director of Temasek Holdings. Mr Iswaran was Minister for Trade and Industry (Industry) from 2015 until April 2018.

 

Mr Iswaran graduated from the University of Adelaide with First Class Honours in Economics. He holds a Master of Public Administration from Harvard University.

S Iswaran
Minister for Communications & Information and Minister-in-charge of Trade Relations

Director, GIC Board
Chairman, GIC Investment Board
Member, GIC Investment Strategies Committee

 

Ang Kong Hua is the Chairman of Sembcorp Industries. He chairs the GIC Investment Board and sits on the Investment Strategies Committee. He has helmed several of Singapore’s biggest companies, bringing years of experience spanning the manufacturing, services and financial sectors. Mr Ang started his career at the Economic Development Board. He then joined DBS Bank at its inception in 1968 and pioneered its investment banking division. From 1974, he was CEO of NSL (formerly NatSteel) until he retired in 2003, and stayed as its Executive Director until 2010. He was previously Chairman of Global Logistic Properties, Singapore Telecommunications and Singapore Post, Vice-Chairman of Neptune Orient Lines, and a Director of DBS Bank, CIMC Raffles Offshore (Singapore) and k1 Ventures.

 

Mr Ang holds a BSc (Honours) in Economics from the University of Hull.

Ang Kong Hua
Chairman
Sembcorp Industries Ltd

Member, GIC Investment Strategies Committee

 

Lawrence Wong is the Minister for National Development and Second Minister for Finance. He is a member of the GIC Investment Strategies Committee and the Co-Chairman of the Singapore-Tianjin Economic and Trade Council. Mr Wong began his career as a civil servant, and his portfolio included the Director of Healthcare Finance at the Ministry of Health, the Chief Executive of the Energy Market Authority and the Principal Private Secretary to Prime Minister Lee Hsien Loong. He was elected a Member of Parliament in May 2011 and subsequently held positions in the Ministry of Defence, the Ministry of Education, the Ministry of Communications and Information, and the Ministry of Culture, Community and Youth.

 

Mr Wong obtained his Bachelor’s and Master’s degrees in Economics from the University of Wisconsin-Madison and the University of Michigan-Ann Arbor respectively. He also holds a Master’s degree in Public Administration from the Harvard Kennedy School.

Lawrence Wong
Minister for National Development and Second Minister for Finance

Advisors

GIC Advisor Emeritus
Advisor, GIC Investment Strategies Committee
Advisor, GIC Risk Committee

 

Dr. Martin L. Leibowitz is a Managing Director of Morgan Stanley, and Vice Chairman of its Research Department. He advises GIC’s Investment Strategies and Risk Committees. Prior to joining Morgan Stanley, Dr. Leibowitz was the Vice-Chairman and Chief Investment Officer of TIAA-CREF, responsible for the management of more than US$300 billion in equity, fixed income and real estate assets. He was also Director of Global Research at Salomon Brothers, and has received wide recognition for his writings on various financial topics and investment analysis. He now serves on the investment advisory committees of The Rockefeller Foundation, The Carnegie Foundation, the IMF Pension Fund, the American Academy of Arts and Sciences, and The Institute for Advanced Study.

 

Dr Leibowitz holds both an AB and MS degree from the University of Chicago and a PhD in Mathematics from the Courant Institute of New York University.

Dr Martin Leibowitz
Managing Director
Morgan Stanley

Member, GIC International Advisory Board
Member, GIC Investment Board
Advisor, GIC Investment Strategies Committee

 

Leonard Baker is a Partner in Sutter Hill Ventures. He advises GIC’s Investment Strategies Committee and sits on the Investment Board. He was a trustee of Yale University, where he chaired the Finance Committee and served on the Yale Investment Committee from 1990 to 2015, and also a member of the Advisory Council of the Stanford Graduate School of Business. Mr Baker is a board member of Stanford Management Company, advises the David and Lucile Packard Foundation Investment Committee, and is a board member of the US Environmental Defense Fund. He is also a member of the Board of Trustees of Berklee College of Music in Boston. In 2005, he was conferred the Public Service Star Award in Singapore for his contributions in the areas of education and investment management.

 

Mr Baker holds a BA in Mathematics from Yale and an MBA from Stanford.

Leonard Baker
Partner
Sutter Hill Ventures

Member, GIC International Advisory Board
Advisor, GIC Investment Strategies Committee

 

Knut Kjær is Chairman and Partner of FSN Capital, as well as Executive Chairman of Sector Asset Management. He is an advisor to the GIC Investment Strategies Committee. Mr Kjær was the Founding CEO of the Norwegian Sovereign Wealth Fund, Norges Bank Investment Management (NBIM), in 1998. When he left in 2008, he had built an asset management team that grew NBIM’s reserves from US$25 billion to US$400 billion. He was President of RiskMetrics Group in New York from 2009-2010. He is currently a member of the MAS Investment and Risk Advisory Panel, APG Asset Management Supervisory Board, and also sits on the International Advisory Council of the China Investment Corporation.

 

Mr Kjær holds a Masters in Economics and a degree in Political Science from the University of Oslo.

Knut Kjær
Chairman and Partner
FSN Capital

Member, GIC International Advisory Board
Member, GIC Investment Board
Advisor, GIC Investment Strategies Committee

 

David Denison is a corporate director with extensive experience in the financial services industry. He advises the GIC Investment Strategies Committee and sits on the Investment Board. He served as President and CEO of the Canada Pension Plan Investment Board from 2005 to 2012. Prior to that, he was President of Fidelity Investments Canada Limited. Mr Denison currently serves as Chairman of Hydro One Limited, and is a director of Royal Bank of Canada and BCE Inc. He also sits on the International Advisory Council of the China Investment Corporation and is Co-Chair of the University of Toronto Foundation Investment Committee. He was named an Officer of the Order of Canada in 2014.

 

Mr Denison earned Bachelor of Arts and Education degrees from the University of Toronto and is a Fellow of the Institute of Chartered Accountants of Ontario.

David Denison
Former President and CEO
Canada Pension Plan Investment Board

Member, GIC International Advisory Board
Advisor, GIC Investment Strategies Committee
Advisor, GIC Risk Committee

 

Mark Kritzman is a Founding Partner and Chief Executive Officer of Windham Capital Management and Chairman of Windham’s Investment Committee. He advises GIC’s Investment Strategies and Risk Committees. He was a Founding Director of the International Securities Exchange and has served on several boards, including the Institute for Quantitative Research in Finance, The Investment Fund for Foundations, and State Street Associates. He is also on several editorial boards, and is the author of seven books including Puzzles of Finance and The Portable Financial Analyst. Mr Kritzman has won multiple awards including the Graham and Dodd Scroll, the Bernstein-Fabozzi/Jacobs-Levy Award, the Roger F. Murray Q-Group Prize, and the Peter L. Bernstein Award.

 

Mr Kritzman has a BSc degree in economics from St. John’s University, an MBA (Distinction) from New York University, and a CFA designation. In 2004, he was elected a Batten Fellow at the Darden Graduate School of Business Administration, University of Virginia.

Mark Kritzman
Founding Partner and CEO
Windham Capital Management

Member, GIC International Advisory Board
Advisor, GIC Investment Strategies Committee

 

Dr Mohamed El-Erian is Chief Economic Advisor at Allianz, the parent of PIMCO where he served as CEO and co-CIO (2007-14), and former chair of President Obama’s Global Development Council. He is an advisor to the GIC Investment Strategies Committee. He was President and CEO of Harvard Management Company, Managing Director at Salomon Smith Barney/Citigroup, and Deputy Director at the International Monetary Fund in Washington, DC. Dr El-Erian writes regularly, and is a Financial Times Contributing Editor and Bloomberg View columnist. He has two New York Times’ best sellers – the 2008 “When Markets Collide” and the 2016 “The Only Game in Town”.

 

Dr El-Erian holds a Bachelor of Economics from Cambridge University, as well as a Masters and PhD in Economics from Oxford University. He is an Honorary Fellow of Queens’ College, Cambridge University.

Dr Mohamed El-Erian
Chief Economic Advisor
Allianz