Investment chief at GIC plans to step down, say sources

Deputy group CIO expected to take over in biggest leadership change since 2017

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GIC's chief investment officer (CIO) Jeffrey Jaensubhakij plans to step down after almost three decades at one of the world's biggest sovereign wealth funds, according to people familiar with the matter.

The departure of Dr Jaensubhakij, 58, will be the biggest leadership change at GIC since January 2017, when he was made group CIO and his predecessor Lim Chow Kiat became chief executive.

Deputy group CIO Bryan Yeo, 46, is expected to be promoted to the top investment role in April, two of the people said, asking not to be identified because the matter is private.

"GIC considers key appointments very carefully and will announce changes in a timely manner," a GIC spokesperson said.

The change comes at a critical time for GIC as it ramps up private market investments and deals in the US amid expectations of further geopolitical instability and slowing returns.

During Dr Jaensubhakij's tenure, the institution accelerated a strategy of investing in alternative assets such as unlisted companies and real estate and reducing reliance on stocks and bonds.