SINGAPORE – Singapore’s sovereign wealth fund, GIC, has announced key leadership changes set to take effect on April 1. The reshuffle comes as two senior executives step down, paving the way for new appointments.
Bryan Yeo, 46, currently serving as Deputy Group Chief Investment Officer (CIO), will be promoted to Group CIO, overseeing GIC’s entire investment portfolio. He succeeds Dr. Jeffrey Jaensubhakij, 58, who is retiring after nearly 30 years with the firm and will transition into an advisory role.
Mr. Yeo was named Deputy Group CIO and Director of the Integrated Strategies Group in April 2024. Before that, he held the position of CIO for Public Equities from 2016 to 2024, managing capital allocation and portfolio strategy for equities across developed and emerging markets. Since joining GIC in 2003 as a portfolio manager in the fixed income department, he has taken on key roles, including Head of Credit Markets, Head of Fixed Income for the Americas, and Head of Credit Research and Strategy.
In another leadership shift, Mr. Boon Chin Hau will assume the role of CIO for Infrastructure, replacing Mr. Ang Eng Seng, 62, who is also retiring and will take on an advisory position.
Mr. Boon, 54, currently serves as Deputy CIO for Infrastructure. His new role will see him overseeing GIC’s global infrastructure strategy and investments. Since joining GIC’s Infrastructure Group in 2008, he has held prominent positions such as Head of Infrastructure for Asia and Emerging Markets and Head of Infrastructure Credit. He has also worked in GIC’s offices in London, New York, and Singapore. Before joining the fund, Mr. Boon was an investment manager at Pulsar Energy Capital, focusing on energy investments in Europe and the Americas, and previously worked in infrastructure advisory at Credit Suisse.
GIC CEO Lim Chow Kiat expressed gratitude to Dr. Jaensubhakij and Mr. Ang, acknowledging their contributions to shaping GIC’s investment strategies. He credited Dr. Jaensubhakij as a driving force behind GIC’s evolving investment policies and highlighted Mr. Ang’s role in expanding the fund’s private market investments globally.
Dr. Jaensubhakij’s departure marks the most significant leadership transition at GIC since 2017, when he was appointed Group CIO following Mr. Lim’s promotion to CEO. Under his leadership, GIC increased its focus on alternative assets, such as private equity and real estate, reducing reliance on traditional stocks and bonds. This shift cemented GIC’s position as one of the world’s most influential institutional investors. The Sovereign Wealth Fund Institute estimates that GIC manages assets worth approximately US$800.8 billion (S$1.1 trillion).
These leadership changes come amid economic uncertainty, including geopolitical tensions and slowing investment returns. In July 2024, GIC reported its weakest rolling 20-year returns in four years, citing challenges such as inflation and lower market performance. For the financial year ending March 31, 2024, GIC posted an annualized 20-year real rate of return of 3.9%, down from 4.6% in 2023, 4.2% in 2022, and 4.3% in 2021. As GIC navigates these challenges, the newly appointed leaders are expected to continue driving the fund’s long-term investment strategy.