Investment Strategies Committee

Director, GIC Board
Member, GIC Investment Strategies Committee

Heng Swee Keat is the Deputy Prime Minister and the Minister for Finance. He is a member of the GIC Investment Strategies Committee. Mr Heng chairs the Future Economy Council and 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

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. He chairs the Singapore Labour Foundation, and is a member of the Research Innovation and Enterprise Council and the National Research Foundation Board. Mr Wong began his career as a civil servant, and his portfolio included 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 in Public Administration from the Kennedy School of Government at Harvard University.

Member, GIC Investment Strategies Committee

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 as Minister for Social and Family Development and 2nd Minister for Defence. Mr Chan was also Secretary-General of the National Trades Union Congress and Minister in the Prime Minister’s Office.

Mr Chan holds a Bachelor’s degree (First Class Honours) in Economics from Cambridge University under the SAF (Overseas) and President’s Scholarship. 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.

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 is a member of the Investment Strategies Committee. He is also Deputy Chairman of the Monetary Authority of Singapore. Previously, 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
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 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 Bachelor of Science (Honours) in Economics from the University of Hull.

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

Dr Martin L. Leibowitz is a Senior Advisor of Morgan Stanley, and Vice Chairman of its Research Department. He advises GIC’s Investment Strategies and Risk Committees. Prior to joining Morgan Stanley as a Managing Director in the Research Department, 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 a Bachelor of Arts and Master of Science degrees 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

G. 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. 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 Bachelor of Arts in Mathematics from Yale and a Master in Business Administration from Stanford.

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

Dr Mohamed El-Erian is Chief Economic Advisor at Allianz and President Elect of Queens’ College Cambridge. He is an advisor to the GIC Investment Strategies Committee. Previously, he was CEO and co-CIO of PIMCO from 2007 to 2014, and former chair of President Obama’s Global Development Council. 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”—and was named four years in a row to Foreign Policy list of Top Global Thinkers.

Dr El-Erian holds a Bachelor of Economics from Cambridge University, as well as a Masters and PhD in Economics from Oxford University.

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

Glenn Hutchins is Chairman of North Island and a co-founder of Silver Lake. He is a director of AT&T and of Virtu Financial; Co-Chairman of the Brookings Institution and CARE; on the Executive Committee of the Boston Celtics Basketball Team and the Obama Foundation; and a board member of the Federal Reserve Bank of New York, the New York Presbyterian Hospital and the Center for American Progress.

He also founded the Hutchins Family Foundation to manage his philanthropic initiatives in academic research and public policy. Previously, Mr Hutchins served President Clinton in both the transition and the White House as a special advisor on economic and health-care policy.

Mr Hutchins holds an A.B. from Harvard College, an M.B.A. from Harvard Business School, and a J.D. from Harvard Law School.

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

Carsten Stendevad is a member of Bridgewater’s senior management team and also serves as an advisor to the GIC Investment Strategies Committee and a Member of the Board of Novo Holdings (the investment arm of Novo Nordisk foundation). Previously, he was CEO of ATP, where he was responsible for all investment, pension, and administrative activities. Under his leadership, ATP redesigned its investment strategy with a new approach to portfolio construction and increased focus on direct investments in real assets, all while delivering strong investment returns. Previously, Mr. Stendevad was a Managing Director in Citigroup’s Investment Bank in New York, with global responsibility for its corporate finance advisory team. Earlier in his career, he was a consultant at McKinsey & Company and an analyst at the Central Bank of Denmark.

Mr. Stendevad holds a Bachelor of Science and Master of Science degree in Economics from the University of Copenhagen and 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.