THE Government of Singapore Investment Corporation (GIC) named Mr Lim Siong Guan as its group president and chairman of its asset management arm.

Mr Lim will oversee the Public Markets Group and take charge of the organisational development of GIC's three operating subsidiaries, GIC Asset Management, GIC Real Estate and GIC Special Investments, which are responsible for public markets, real estate, private equity and infrastructure investments.

Formerly Head of the Civil Service until 2005, Mr Lim is also chairman of the Economic Development Board.

Dr Tony Tan will be appointed as Chairman of GIC RE and continue with his current duties as GIC Deputy Chairman and Executive Director and Chairman of GIC Special Investments Private Limited (GIC SI).

Of the current changes in management, he said: "The changing economic and financial landscape requires GIC to be agile and responsive to new challenges and opportunities. The management changes will enable GIC to operate more effectively on an integrated basis, while extracting maximum value from the special characteristics and specialisations of the individual asset classes."

Former Finance Minister Dr Richard Hu will retire as Chairman of GIC Real Estate, and Mr Lee Ek Tieng will retire as Chairman of GIC Asset Management. But both will will continue to serve as advisers to the GIC Group Executive Committee.

Ms Vivien Chen will be appointed Chief Administrative Officer, reporting to the Group President. As Chief Administrative Officer, Ms Chen will oversee the business functions across GIC which include Finance, Investment Operations and Personnel.

The appointments are effective from July 1.