Investment Strategies Committee

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

Lim Hng Kiang, the Special Advisor to the Ministry of 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.

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.

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.

Director, GIC Board

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.

Member, GIC Investment Strategies Committee

Mr Chan Chun Sing is Minister for Trade and Industry, responsible for driving Singapore’s economic and industrial development. He is concurrently Minister-in-charge of the Public Service and Deputy Chairman of the People’s Association. Mr Chan served with the Singapore Armed Forces (SAF) from 1987 to 2011. He was elected a Member of Parliament in May 2011 and subsequently held positions in various ministries, including Ministry for Social and Family Development and Ministry of Defence. Mr Chan was also Secretary-General of the National Trades Union Congress and Minister in the Prime Minister’s Office.

Mr Chan studied Economics at Cambridge University under the SAF (Overseas) and President’s Scholarship, and graduated with First Class Honours. He was awarded the Distinguished Master Strategist Award 1998 by the US Army Command and Staff College. In 2005, he completed the Sloan Fellows Programme at the Massachusetts Institute of Technology under the Lee Kuan Yew Scholarship.

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.

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.

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 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.

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.

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.

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

Carsten Stendevad is the Senior Fellow of Bridgewater Associates. He is an advisor to the GIC Investment Strategies Committee. Previously, he was CEO of ATP where he was responsible for all pension, investment and administrative activities. Under his leadership, ATP redesigned its investment strategy with a new approach to portfolio construction, strengthened in-house investment capabilities and increased focus on direct investments in real assets, all while delivering strong investment returns. Prior to joining ATP, Carsten worked at Citigroup and McKinsey.

Mr Stendevad holds a B.Sc. and M.Sc. in Economics from the University of Copenhagen (Cand. Polit.), a postgraduate diploma in Rhetoric from the University of Copenhagen, as well as a Master of Public Policy from the Harvard Kennedy School of Government. He is a recipient of the Order of Dannebrog awarded by HMQ Margrethe II of Denmark.