GIC’s Lim Chow Kiat to Succeed Ng Kok Song as CIO Next Month

Government of Singapore Investment Corp., manager of more than $100 billion of the city’s reserves, named Lim Chow Kiat group chief investment officer as Ng Kok Song, who served the fund since 1986, retires.

Lim, currently Ng’s deputy, will assume his new role as of February, GIC said in a statement on its website. Ng will advise GIC as head of global investments and as a member of the fund’s international advisory board, according to the statement.

Lim, 42, joined GIC in 1993 and became head of the fixed income, currency and commodities department as well as deputy president of GIC Asset Management in 2008. From 2009 until 2011 he oversaw GIC’s investments and relationships in Europe, Africa and the Middle East. In April last year he became deputy group chief investment officer.

“Ng Kok Song has been a great influence in developing the professional investment capability of GIC,” Lim said in the statement. “My focus will be to build on that capability and ensure that the GIC investment process remains robust.”

Ng, 64, started as an investment analyst in Singapore’s ministry of finance in 1970. He joined GIC in 1986, five years after the fund’s inception, and headed the equities and bond department, according to the statement. When he assumed the newly created role of group chief investment officer in 2007, Ng was in charge of integrating GIC’s investment strategies in the public and private markets.

Higher Cash

GIC said in July its cash allocation almost quadrupled to 11 percent of its portfolio in the year ended March from 3 percent a year earlier. Stock holdings fell to 45 percent from 49 percent as it pared equities in developed markets, while bond investments dropped to 17 percent from 22 percent, it said in its annual report.

The so-called 20-year annualized real return was 3.9 percent as of March 2012, unchanged from the previous year, it said. The annualized nominal rate of return in U.S. dollar terms was 3.4 percent over five years, 7.6 percent over 10 years and 6.8 percent over 20 years, it said. The fund, which doesn’t report an annual return or disclose the actual size of its portfolio, will release its next performance figures in July.

GIC is ranked the eighth-largest government investment fund globally by the Sovereign Wealth Fund Institute, which estimates it manages $247.5 billion.

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