http://www.ft.com/cms/s/0/371f3940-9691-11de-84d1-00144feabdc0.html?nclick_check=1
Financial Times, 1 Sep 2009
West sparks Singapore fund shake-up
The Government of Singapore Investment
Corporation, one of the world's biggest sovereign wealth funds,
yesterday announced a senior management shake-up prompted by concerns
about protectionism and regulatory change in the west.
GIC, estimated by Deutsche Bank to have assets of about $300bn, said it
had appointed Lim Chow Kiat to the new post of president for Europe,
based in London, while Anthony Lim Weng Kin would become president for
Americas, based in New York.
The new regional heads - both internal appointments - will outrank the
regional representatives of GIC's three investment subsidiaries and
will be expected to promote contacts with policy makers and opinion
formers as the fall-out from the global financial crisis becomes
clearer.
"The appointments come at a time when critical changes will be made to
the global financial system, and there is a need for GIC to not only
gather but also contribute deeper insights into investment
opportunities and challenges in the coming years," GIC said.
GIC declined to comment further on the appointments. However, Tony Tan,
GIC's deputy chairman and executive director, said in a speech last
month that Asian financial institutions faced both "tremendous
opportunities" and major challenges in western countries.
"A lack of co-ordination in regulatory architecture and practice,
together with the rising global unemployment in coming years, may lead
to regional trading and financial blocs or at worst, a retreat to
protectionism and nationalism," he said.
The latest GIC management shake-up follows the appointment in June of
Lim Siong Guan, a former head of the Singapore civil service, as GIC
group president.
The fund, chaired by Lee Kuan Yew, the former
Singapore prime minister, says it intends to remain a long-term
investor in western financial groups, in spite of unrealised losses on
investments in UBS and Citigroup made at the onset of the financial
crisis in late 2007.
Mr Lee said in February that the fund's value had fallen by 25 per cent from its peak because of the global financial turmoil.
Separately, Moody's credit ratings agency said yesterday that its
ratings outlook for Singapore Power and PSA, the Singapore ports
company, would be changed in the event of a material sale of stakes by
Temasek, the city state's other sovereign wealth fund.
Moody's said a new operating charter unveiled by Temasek last week was
consistent with its existing aim of diversifying its holdings, and was
factored into its rating. However, its ratings for PSA and Singapore
Power benefited from its expectations of support by Temasek.
--------------------------
Latest updates @ Singaporenewsalternative.blogspot.com
1. IMF:Singapore 2009 GDP will be worse than what govt had forcasted
2. West sparks Singapore fund shake-up
3. Pirates attempt to board bulker in Singapore Strait
4. Does a legalized market for kidneys in Singapore violate human dignity?
5. 12 member delegation from Singapore on week long tour of TN
6. IMF urges Singapore to keep monetary policy settings
7. Singapore moisture-resistant film research gets funding
8. Call to maximise Singapore connection
9. Singapore continues to be major attraction for indian tourists
10. Singapore's Media Development Authority Launches Asia's Premier Digital Media Facility
11. Temasek's Revised Charter
12. Elderly in Singapore generally well taken care of: poll
.