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UPDATE 1-Singapore's GIC names new president, mgt reshuffle
* Lim Siong Guan will also chair GIC Asset Management
* Lee Ek Tieng to retire as chairman of GIC Asset Management
* Unit is responsible for investments, strategy
* Richard Hu to step down as chairman of GIC Real Estate (Adds details, background)
SINGAPORE, June 18 (Reuters) - The Government of Singapore Investment Corp (GIC), which manages an estimated $200 billion-plus in assets, on Thursday named Lim Siong Guan as its group president from July 1.
Lim, a former head of Singapore's civil service, will also be chairman of GIC Asset Management, the largest of its three operating units and responsible for investments in equities, fixed income, foreign currencies and natural resources. The unit is also responsible for the fund's absolute returns strategies.
Lim, 62, will take charge of organisational development at GIC Asset Management as well as sister units GIC Real Estate, which handles property, and GIC Special Investments, which takes care of private equity and infrastructure investments.
"The management changes will enable GIC to operate more effectively on an integrated basis," GIC Deputy Chairman and Executive Director Tony Tan said in a statement.
GIC, which manages Singapore's foreign currency reserves, has ploughed billions into Citigroup (C.N) and UBS (UBSN.VX) and has said it will stick with its investments despite smaller sovereign wealth fund Temasek's [TEM.UL] recent move to offload shares in Bank of America (BAC.N) and Barclays (BARC.L).
Singapore's two funds have suffered from the global market turmoil, with GIC's portfolio falling 25 percent from a peak estimated at $300 billion, while Temasek's assets declined by 31 percent during March-November last year.
Lee Ek Tieng, 75, another former civil service head, will retire as chairman of GIC Asset Management, while former finance minister Richard Hu, 82, will step down as chairman of GIC Real Estate.
Tan will replace Hu as chairman of GIC Real Estate.
GIC website: www.gic.com.sg (Reporting by Kevin Lim, Editing by Ian Geoghegan)
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