People Moves

Singapore's Temasek Appoints Former World Bank Chief To Board

Vanessa Doctor Asia Correspondent 2 August 2013

Singapore's Temasek Appoints Former World Bank Chief To Board

Temasek, the Singaporean sovereign wealth fund, has added a former World Bank chief to its board of directors as it prepares to open its first office in the US.

Robert Zoellick, also an ex-US trade representative during the George W Bush administration, is said to be the most high-profile non-Singapore to be part of the 10-strong Temasek board. The decision comes as the firm seeks to increase its investments outside of Asia, which currently accounts for at least 70 per cent of its assets under management. 

Zoellick officially steps in on 15 August. He is also the first new appointee under Lim Boon Heng, who assumes the role of chairman on 1 August. Temasek has yet to provide details on its US office plans but said it is happening "in the near future."

The company has a wide range of investments in its portfolio. Its financial services investments include AIA Group, Bank of China, DBS, ICBC, China Construction Bank, Standard Chartered and Ping An.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes