Singapore’s top state investment corporations are revamping senior management amid volatile global markets.
Investment firm Temasek Holdings Pte has announced that its Americas president Boon Sim is leaving as it appointed two new presidents in the latest management reorganization to help it navigate “challenging global times”, Bloomberg reported.
Sovereign wealth fund GIC said last week it gave group chief investment officer Lim Chow Kiat the additional title of deputy group president as it appointed seven managers to new roles.
The management reshuffles in the investment firms come amid growing concerns about slowing global growth.
Markets around the world have swung between gains and losses in recent months, with the Shanghai Composite Index declining 16 percent so far this year.
“Together with changes at GIC, we will look at it as a kind of review at the top levels of Singapore’s investment companies,” Song Seng Wun, an economist at CIMB Private Banking in Singapore, said of the leadership revamp at Temasek.
“It’s been five years of below-trend global growth and volatility in the financial markets, so the worry is this period of sub-normal growth will persist for much longer than before.”
Chia Song Hwee and Dilhan Pillay have been named Temasek presidents and the firm will reallocate some functions across groups to strengthen the focus and improve collaboration, the company said in a statement Tuesday.
It will bring together its sector and market investment teams under a single Investment Group, create a new Portfolio Strategy and Risk Group, as well as a new Sustainability and Stewardship Group.
Temasek on Oct. 1 named Lee Theng Kiat as chief executive officer of Temasek International, the management arm in charge of all staff other than the CEO and chief financial officer.
The appointment was seen as a first step in the succession planning after Temasek chief executive Ho Ching took a six-month sabbatical in 2015.
Lee was also named director of the investment firm’s board from April 1 this year.
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