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Ascendas Funds Management CEO to retire in March

TAN Ser Ping will retire from Ascendas Funds Management (AFM) - the manager of Ascendas Real Estate Investment Trust (A-Reit) - after having served as its chief executive officer for 11 years, effective March 31, 2016.

Mr Tan, 57, will be succeeded by Chia Nam Toon - currently chief financial officer and chief corporate officer of the Ascendas-Singbridge Group - effective April 1, 2016.

To ensure a smooth transition, Mr Tan will take on the role of adviser to the AFM board for 12 months following his retirement, the trust said in an announcement to Singapore Exchange.

AFM chairman Koh Soo Keong credited Mr Tan's leadership for the strength of the management team which has led various milestones in the expansion of A-Reit - Singapore's first and largest listed business space and industrial real estate investment trust, with S$9.4 billion of assets as at end-2015.

A-Reit units closed four Singapore cents or 1.9 per cent up at S$2.17 on Friday.