By Muskan Arora
Jeffery Jaensubhakij, chief investment officer of Singapore's sovereign wealth fund, GIC, has planned to resign after three decades at the firm. GIC is one of the largest sovereign wealth funds in the world and has some 2,300 employees and estimated assets under management of $800.8 billion, as reported by Bloomberg on Monday.
Jaensubhakij, 58, who took over as CIO in 2017, is expected to be replaced in April by Bryan Yeo, a Cambridge and University of Chicago graduate, who has been at the firm since 2003 and will have spent a year as deputy CIO in April, as per reports. He has been outspoken about his views on a changing world order, and the need for agility when capturing opportunities within future investments in the energy transition, healthcare, AI and quantum computing, and digitalization.
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While GIC is yet to confirm the news, the firm released a statement that said they were "very careful with all key appointments, including announcing any change to them in a timely manner."
Following the growing investments of GIC across companies, in December GIC stated that it would make an additional investment of $150m in India-based Asia Healthcare Holdings.
GIC has the most allocation to nominal bonds and cash at 32% of the whole portfolio, followed by developed market equities. Most investments are focused towards North America and Asia ex Japan.
For its 5-year and 10-year time period, GIC returned 4.4% and 4.6%, as of March 2024.
(Image: LinkedIn profile of Jeffery Jaensubhakij)