GIC, the sovereign wealth fund wholly-owned by the Government of Singapore, has named a new group chief investment officer effective 1 February 2013.

Lim Chow Kiat succeeds Ng Kok Song, who will be retiring after 42 years managing Singapore's foreign reserves. 

Lim is the deputy GCIO and joined GIC in 1993. He was appointed head of the fixed income, currency and commodities department, as well as deputy president of GIC Asset Management in 2008. He also became president of GAM in July 2011 and deputy GCIO in April 2012. 

After his appointment as GCIO, he will continue concurrently as president of GAM on an interim basis.

Meanwhile, Ng will remain as advisor to GIC in the role of chair of global investments. He will be a member of the international advisory board and serve as advisor to the investment strategies committee and group executive committee. He also continues as director of the boards of GIC Asset Management, GIC Real Estate and GIC Special Investments.