Singapore’s sovereign wealth fund GIC has appointed Lim Chow Kiat as its CEO effective 1 January 2017.

Kiat, who joined the fund in 1993, is currently the deputy group president and the group chief investment officer (CIO).

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Jeffrey Jaensubhakij, who is currently deputy group CIO and president of Public Markets, has been named as the new group CIO.

GIC also announced that group president Lim Siong Guan will retire, and will be appointed advisor to the GIC Group Executive Committee.

Lim Kee Chong will remain as deputy group CIO and director of Integrated Strategies Group, and take on the concurrent appointment of President (Americas), based in New York, according to a statement.

Tay Lim Hock has been appointed as deputy group CIO and also take on the concurrent appointment of President (Europe), based in London.

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The statement added that Goh Kok Huat will continue as COO, with his concurrent appointment as advisor, Real Estate. He will relinquish his current role as president, Real Estate.

GIC group president Lim Siong Guan said: “I am happy to be able to hand over the reins of leading GIC to Chow Kiat. Chow Kiat comes with clear investment credentials to take GIC into the future and lead an organization that is alert to new possibilities, faster in moving on opportunities, and nimble in execution.

“It has been my privilege to lead GIC since 2007, and to be able to make the changes along the way which now give us the confidence to take this next strategic move in the leadership and development of GIC.”