SINGAPORE (April 22): Singapore’s sovereign wealth fund GIC Pte gave Group Chief Investment Officer Lim Chow Kiat the additional title of deputy group president as part of a leadership shuffle appointing seven managers to new roles.

Lim, 45, will assume his new position as of June 1 while retaining his current role, GIC said in an e-mailed statement on Thursday. Jeffrey Jaensubhakij will become Lim’s deputy, while remaining president of public markets, according to the statement.

GIC also appointed five managers to the newly created roles as chief investment officers overseeing various groups, it said. Choo Yong Cheen will be responsible for GIC’s private equity investments, Lee Kok Sun for real estate, Liew Tzu Mi for fixed income, Bryan Yeo for public equity investments, and Ang Eng Seng for infrastructure.

"The new senior appointments enhance the development of a strong leadership bench for GIC, allowing us to build new investment capabilities and extend our investment and operating platforms,” GIC Group President Lim Siong Guan said, according to the statement. “The appointment of chief investment officers reflect the maturing of GIC’s investment talent, and strengthening of GIC’s capacity to deal with an investment environment of lower returns, increased volatility, and greater uncertainty.”

The changes mark GIC’s first major management change since 2013, when the new deputy president was first named the group CIO. GIC is the world’s sixth-biggest state fund with US$343 billion ($459 billion) of assets under management, according to an estimate by the London-based Sovereign Wealth Center.