Singapore’s government investment agency, GIC, has made four senior management promotions. Lee Ek Tieng has been appointed chairman of the board of GIC Asset Management, the main GIC subsidiary that invests in equities, fixed income, foreign currencies, commodities and marketable alternatives. He will continue as GIC’s group managing director. Meanwhile, Ng Kok Song has been appointed to the new post of managing director and GIC group chief investment officer; Quah Wee Ghee has been made president of GIC Asset Management; and Dr Sung Cheng Chih has been appointed GIC’s chief risk officer. GIC was established in 1981 to manage Singapore’s foreign exchange reserves. It is ranked by Morgan Stanley as the world’s second largest ‘sovereign wealth fund’ with assets of $330 billion (See Squawkbox April 16, 2007) although GIC’s website reports assets of “over $100 billion.” The entity has three main operating subsidiaries, GIC Asset Management, GIC Real Estate and GIC Special Investments, which are responsible for public markets, real estate and private equity investments respectively.