03 Jan 2013
Mr Lim Chow Kiat will succeed Mr Ng Kok Song as GIC’s Group Chief Investment Officer (GCIO) effective 1 February 2013.
Mr Ng, 64, will be retiring after 42 years in the management of Singapore’s foreign reserves. His career in investment management began even before the inception of GIC, when he started as an investment analyst in the Ministry of Finance in 1970. He moved to the Monetary Authority of Singapore when it was formed in 1971 and took over the function of managing Singapore’s reserves. In 1986, five years after GIC was formed, he joined GIC as the first non-expatriate Director, and headed the Equities and Bond Department. Later as Deputy Managing Director and then Managing Director (Public Markets), Mr Ng played a critical role in managing GIC’s investments in public markets and vastly expanding GIC’s investment capability. He was appointed GIC’s first GCIO in 2007, where he integrated GIC’s investment strategy at the total portfolio level across the public and private markets. Mr Ng was conferred the Meritorious Service Medal in last year’s National Day Honours List for his many contributions to Singapore.
Group President Mr Lim Siong Guan said, “Mr Ng Kok Song’s contributions are numerous and extensive. He was key to many important decisions that have established GIC’s reputation as one of the largest and most well-regarded global, long-term investors.”
Mr Ng will be advisor to GIC in the role of Chair of Global Investments. He will be a member of GIC’s International Advisory Board, and an advisor to the Investment Strategies Committee and the Group Executive Committee. He will also continue as a Director on the Boards of GIC Asset Management (GAM), GIC Real Estate, and GIC Special Investments.
Mr Lim Chow Kiat, 42, is the Deputy GCIO. He joined GIC in 1993 after graduating with first class honours in Accountancy from Nanyang Technological University. He was appointed Head of the Fixed Income, Currency and Commodities Department as well as Deputy President of GAM in 2008. Mr Lim was President (Europe) from 2009 to 2011, overseeing GIC’s investments and relationships in Europe, Africa and the Middle East from London. He became President of GAM in July 2011 and Deputy GCIO in April 2012. He was inducted into the prestigious Fixed Income Analysts Society’s (FIASI) Hall of Fame in 2012. After his appointment as GCIO, he will continue concurrently as President of GAM for the time being.
Mr Lim said, “Mr Ng Kok Song has been a great influence in developing the professional investment capability of GIC. As GCIO, my focus will be to build on that capability and ensure that the GIC investment process remains robust. The unwavering goal is to deliver the best possible long-term returns for the benefit of Singapore and Singaporeans.”