(Bloomberg) – Jeffrey Jeensabhaki, chief investment officer at GIC Pte., plans to retire after nearly 30 years at the Singapore-based firm, one of the world’s largest sovereign wealth funds, people familiar with the matter said. .
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The retirement of Mr. Jayens Bakizi (58 years old) is the biggest change for GIC since he was appointed Group CIO in January 2017, and his predecessor Mr. Lim Chow Kiat was appointed CEO. There will be a change in management. Brian Yeo, 46, acting group chief information officer (CIO), is expected to be promoted to head of investment in April, two people familiar with the matter said. Two people involved spoke on condition of anonymity because the matter is private.
“GIC is considering key personnel very carefully and will announce changes in a timely manner,” a GIC spokesperson said in an emailed statement.
The changes come at a critical time for GIC as it ramps up private market investments and transactions in the U.S. amid expectations of further geopolitical instability and slowing revenues. During Jayensbakiji’s tenure, the firm accelerated its strategy to invest in alternative assets such as private companies and real estate, reducing its reliance on stocks and bonds.
This has made the Singaporean company one of the most powerful active investors in the world. Although GIC does not disclose its assets under management, it is estimated to manage $800.8 billion, making it the seventh-largest sovereign wealth fund, according to the Sovereign Wealth Fund Institute.
Still, earnings have steadily slowed in recent years. The annualized return over the five years to March 2024 rose slightly to 4.4% year-on-year, but the nominal annualized return over the 20-year period fell to 5.8%.
Jayensbakiji’s retirement will bring to an end a nearly 30-year career at the firm, where he was responsible for everything from North American equities to European operations and investments around the world. He holds a BA and PhD in Economics from the University of Cambridge and joined the firm in 1998 as a Senior Economist. in economics from Stanford University.
During this time, the value of assets managed by GIC soared, thanks to both performance and cash injections from the Singapore government. According to SWFI, assets under management have more than tripled from $247.5 billion in 2011, and staff numbers have increased from more than 1,400 as of March 2017 to more than 2,300 last year.
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