GIC names new COO in management shuffle

Singapore

GIC has appointed Tay Lim Hock as chief operating officer (COO) following the retirement of Goh Kok Huat, who is stepping down after a decade with the Singapore sovereign wealth fund, it announced on Monday.

Mr Tay is the deputy group chief investment officer - a role he retains - and president (Europe) for GIC, a role which will now be filled by Arjun Gupta, a managing director and head, portfolio in the private equity group. Mr Tay will relocate to Singapore from London while Mr Gupta in turn relocates from Singapore to London.

Mr Goh will become a GIC adviser until June 30, 2020. He became COO in April 2014, concurrent with his real estate portfolio. He joined GIC in 2009 and was appointed president, real estate in 2011.

Mr Tay first joined GIC's Asian Private Equity (PE) team in 1995, before heading to London in 2000 as head PE Europe. In 2003, he was appointed head PE US. He became the global head of the funds and co-investment group in 2008, deputy president of PE and Infrastructure in 2010, and president in 2011. In 2017, Mr Tay became president (Europe) and deputy group chief investment officer.

Mr Gupta is a managing director and head, portfolio in the private equity group. He serves on the private equity investment committee, and is also head, consumer and healthcare focusing on evaluating consumer, retail and healthcare companies. He joined GIC in April 2010.

Separately, Leslie Teo, GIC's chief economist and director, economics and investment strategy, will also be retiring, having joined GIC in 2008. He too will continue as a GIC adviser until June 30, 2020.

Kevin Bong will take on the role of director, economics and investment strategy, while Prakash Kannan will assume the role of chief economist. Dr Kannan will retain his current role as head, total portfolio management, economics and investment strategy. He is currently deputy chief economist and is responsible for medium-term global macro and asset allocation strategy for the firm.

Mr Bong began his career with GIC in Singapore, analysing risk and return expectations of investment strategies and asset classes, and advising the government on its long-term investment needs and risk tolerance.

GIC CEO Lim Chow Kiat said the new appointments refresh the bench and also prepare new leaders to take on more responsibilities. He also thanked Mr Goh and Dr Teo for their contributions over the past decade.