Jeffrey Jaensubhakij, the Chief Investment Officer of Singapore’s GIC Pte, is set to step down after nearly three decades at the sovereign wealth fund, according to sources familiar with the matter. Jaensubhakij, 58, has played a pivotal role in the growth and strategic direction of one of the world’s largest sovereign wealth funds, which oversees an estimated $800.8 billion in assets.
His departure, marking the most significant leadership change at GIC since January 2017, comes at a time of transition for the firm. It is understood that Bryan Yeo, currently Deputy Group CIO at 46, will take over as the new group CIO in April, two sources said, requesting anonymity as the information is not public.
A GIC spokesperson confirmed the news, stating in an emailed statement, “GIC considers key appointments very carefully and will announce changes in a timely manner.”
Jaensubhakij’s exit follows a period of strategic expansion at GIC, particularly in private market investments, as the firm capitalizes on opportunities in the U.S. while navigating geopolitical instability and slowing returns. Under his leadership, GIC intensified its focus on alternative assets, including unlisted companies and real estate, diversifying away from traditional investments in stocks and bonds.
This shift helped elevate GIC into one of the globe’s most influential active investors. Although the fund does not disclose its exact assets under management, it is ranked as the seventh-largest sovereign wealth fund globally by the Sovereign Wealth Fund Institute.
However, despite GIC’s growth, returns have been on a downward trend in recent years. For the five years ending in March 2024, the firm’s annualized returns increased slightly to 4.4%, but its 20-year annualized nominal return fell to 5.8%.
Jaensubhakij’s departure marks the end of a near 30-year career at GIC, having joined the organization as a senior economist in 1998. He holds a Bachelor of Arts in Economics from Cambridge University and a Ph.D. in Economics from Stanford University. Throughout his tenure, Jaensubhakij oversaw GIC’s global operations, from North American equities to European investments, helping drive the firm’s assets under management from $247.5 billion in 2011 to more than $800 billion today.
Under his leadership, GIC also expanded its staff base significantly, with employee numbers rising from over 1,400 in March 2017 to more than 2,300 by 2024. Jaensubhakij spearheaded several initiatives, including the development of investment platforms and efforts to attract family offices from major global financial hubs, including New York and London.
He was also a prominent public figure for GIC, representing the fund at major events such as the World Economic Forum in Davos, Switzerland.
Yeo, who has served as Deputy Group CIO for the past year, will assume his new role in April. A GIC scholar, Yeo is a graduate of Cambridge University and the University of Chicago. He joined GIC in 2003 as an investment officer and has since held various positions, including CIO for Public Equities from 2016 to 2024. Yeo has also worked in GIC’s global credit and fixed income teams, with assignments in London and New York.
As Yeo prepares to take over, he steps into a challenging environment for global investors. Speaking at an event in August 2024, Yeo highlighted key investment trends, including artificial intelligence, energy transition, healthcare, and digitalization. He also noted that shifting global economic and geopolitical dynamics were influencing trade, technology, and capital flows.
“The changing world order is already affecting the global economy across trade, technology, and capital flows,” Yeo said, emphasizing the complexity of the current investment landscape.
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